Despite the slowdown that economists predicted as falling oil prices and resulting energy industry layoffs carried over from 2015, the Houston housing market held steady throughout 2016 and gained momentum in the final months of the year to set a new record for home sales. Homes priced at $500,000 and up, which experienced declining sales from August 2015 through October 2016 as a result of the energy slump, achieved an impressive turnaround with double-digit sales increases in November and December.
Houston Association of Realtors HAR
After a down month in July, Houston single-family home sales roared back in August with an 8.2 percent year-over-year increase that was fueled by a growing supply of inventory for buyers. August also marked the highest one-month single-family home sales volume of all time, and the first time in a year that homes priced above $500,000 experienced a sales gain. In fact, only homes priced below $150,000 saw sales volume decline.
June provided a continued boost to Houston’s housing inventory as new listings entered the market. Home sales volume was unchanged year-over-year, but as the local real estate market has seen for the past several months, most of the homes consumers purchased were priced in the $150,000 to $500,000 range.
Despite continued strains in the oil patch, the Houston real estate market demonstrated more sustainable conditions in March, with positive sales among mid-range homes and a growing supply of homes from which buyers can choose.
The Houston housing market kicked off 2016 with a strong month of sales, only about 2 percent off the January record, despite the ongoing effects of strains in the energy industry. Single-family homes priced between $150,000 and $250,000 saw year-over-year sales increase by nearly 9 percent while total property sales remained unchanged.
Prices climb to February highs and inventory shows signs of growth
Houston, TX ~ Falling oil prices and related layoffs, limited housing inventory, and rising home prices contributed to the first decline in home sales the Houston market has seen in six months. Sales of single-family homes dropped 5.8 percent year-over-year in February, led largely by faltering activity among homes priced above $500,000, which, until now, had been one of the market’s strongest and steadiest segments.
February 11, 2915 ~ The Houston real estate market began 2015 much as it ended 2014 – with home sales and prices on the rise and housing inventory at historically low levels. The majority of January sales took place among homes priced between $250,000 and $500,000, with the pace of sales slowing significantly among homes priced above $500,000.
Houston’s 34-month positive sales streak came to an end in April, reflecting the extremely tight supply of available housing. Despite the unchanged year-over-year sales volume, homes that did sell pushed pricing to the highest level of all time.
According to the latest monthly report prepared by the Houston Association of Realtors (HAR), home sales were unchanged from a year earlier, with April single-family home sales totaling 6,438. That is the largest one-month sales volume recorded since last August.