Thanks to its growing population and booming economy, Houston’s real estate market has been a little tight lately. Even more than the rest of Houston, property in the Heights has been hot, hot hot. Many properties are snapped up within days or even hours of going on the market, and new arrivals are having an increasingly hard time finding the perfect place to call home. While this is great news for sellers, it can be a little frustrating when you’re the one shopping for your dream house and every place you like turns out to have a sale pending already. If this sounds like your recent experience, we’re happy to report that things are looking up! The Houston Association of Realtors reports that the inventory of available months grew in the month of July.
“Months of supply” is a real estate term used to express how long it would take for all the current homes for sale on the market to be sold, with four to five months being the average. The smaller this number is, the the fewer sellers there are, and the larger the number is, the more sellers. After calculating July’s sales figured, HAR determined that Houston currently has a 3.4 month supply. In laymen’s terms, that means that there are still more buyers than sellers, but the balance is starting to shift back toward the average. In June, Houston’s real estate market had only a 3.3 month supply of available homes.
With home prices still on the rise, there’s no time like the present to lock down your dream house. The median price (which means that half the homes sold cost more and half cost less) of a single-family home in Houston is now $187,760. The average single-family home price has increased 13.6% since July 2012, to $260,968. During June, when months of supply was at its lowest point and available properties the most scarce, the average price rose to a record high of $266,351.
If you’ve been thinking of purchasing a new home or buying residential property to rent out as investment, take advantage of the current uptick in available properties and find your ideal home now. As you probably remember from high school economics, higher supply leads to lower prices, so it would be smart to buy now. Prices are still on an upward trend, and there’s never been a better time to buy.
For more information, please visit: http://www.har.com/mls/dispPressRelease.cfm?MONTH=08&YEAR=13