The March median price, which is the midpoint where half the homes sold for more and half for less, was up 6. There are indications that the supply problem may be easing as a larger number of homes have come on the market in April. With demand high and supply low, home prices have nowhere to go but up in In many neighborhoods, homes are getting multiple offers the same day the for-sale sign goes into the front lawn. A total of 5, single-family homes were sold in March, the Houston Realtors group said, a 17 percent increase over March of last year.
It extended a month streak of gains in home sales for the super-hot Houston home market. Custom home builders snap up tear-down lots in the Inner Loop, Memorial and Tanglewood areas as fast as they become available.
Home prices have been going up at a steady and healthy pace, without rapid upward price spikes that are difficult for the market to support, Fama said. The Houston housing market is being elevated by significant job growth. Houston added , new jobs in the last year, the best job growth in the nation, according to the U.
Bureau of Labor Statistics. Buyers also have been motivated by exceptionally low mortgage rates of less than 4 percent, lower than they have been in decades.
Buyers have to move quickly to get the house they want. Fama said there are indications that the supply problem may be easing as a larger number of homes have come on the market in April. Sales of townhouses and condominiums rose sharply in March β up 47 percent from one year earlier. A total of units sold last month versus properties in March of last year. Houston has one of the strongest housing markets in the nation and the surge is expected to continue for a while.
