Houston Market Shows Stability in April

Summary: We are within 1% of sales and prices, but rentals are up 18%.

HAR will be releasing metrics for April later this week, but here's what we know:

  • Houston home sales decreased less than one percent year-over-year, with a total of 6,310 single-family units sold.

  • Months of inventory grew to a 3.6-months supply compared to a 2.9-months supply in April 2015. For perspective, housing inventory across the U.S. stands at a 4.5-months supply, according to NAR.

  • The single-family home average price was down 1.0 percent to $278,544 while the median price rose 3.3 percent to $217,000 (a record high for an April).

  • April rentals of single-family homes shot up 18.1 percent year-over-year and the cost of renting those homes climbed 2.6 percent to $1,811.

Source: HAR