HAR’s March Bulletin
Home sales in March were up 5% over last year, thanks to lower interest rates giving hesitant potential buyers a boost of confidence. A combination of low interest rates and increased supply made for an excellent start to the spring buying season! The highest sales activity was seen in the $250,000-500,000 price point, with the luxury market coming in a close second.
A total of 7,072 homes sold in March, compared to 6,740 last March. Prices reached a record high for any previous March, with a median price of $240,000 and average of $298,000. The total dollar volume of property sold in March came to a whopping $2.4 billion.
Low Interest Rates, Strong Economy
According to HAR Chair Shannon Cobb, “Home sales are benefiting from some of the lowest interest rates in years, but we also continue to see tremendous strength in the rental segment, and with inventory growing steadily, the Houston real estate market looks solid.” A strong local economy continues to bolster the housing market. Continues Cobb, “We are also encouraged by the Texas Workforce Commission’s latest report about a 2.4-percent increase in employment across metro Houston over the past year, which bodes well for housing.”
The Data Details
The average time-on-market was 64 days. Inventory grew to 3.9 months supply, up from 3.3% last year and the highest supply seen since October 2018. The national average is currently 3.5 months supply. The market segments that showed the lowest performance were the <$99,999 and $100,000-149,999 categories. It makes sense that these price brackets would not grow with the rest of the market, simply because there are no longer many properties priced this low to begin with. As land values increase, these bargain-priced properties slowly disappear.
Pending & Active
At the end of the month, an additional 8,740 single-family homes were still pending, an increase of 14.6 over last year. Total active listings increased 17.5 to a total of 41,127. Between those two figures, sales numbers for the month of April ought to be looking pretty great too!
Circa Real Estate
It’s a fantastic time to start looking in earnest or prepare your house to list if you want join the upcoming rush of summer home sales. Whenever you’re ready to take advantage of lower interest rates and increased inventory and make a move,Circa Real Estate agents are ready to help you make the process as simple and expedient as possible.
For more details about the listings featured in this post, visit these links:
Be sure to check out Circa Real Estate’s other listings here
Information courtesy of HAR