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Houston Housing Market Report for Mar 2014 -Home Sales and Prices Climb again...

HAR(Houston Association of Realtors) released their Mar 2014 report few weeks ago and the sales numbers were really astonishing despite low inventory, home sales blossom for a 34th straight month.

Here is a snapshot of the report:

If there’s a depleted supply of homes for sale in Houston, you wouldn’t know it from the market’s new monthly home sales figures. March brought about the 34th consecutive month of positive home sales, despite the record low 2.6-month supply of inventory that has prevailed throughout 2014.

According to the latest monthly report prepared by the Houston Association of Realtors (HAR), home sales rose 3.7 percent year-over-year, with March single-family home sales totaling 5,971. That is the largest one-month sales volume recorded since last September.

The supply of homes first reached 2.6 months of inventory in December 2013 and has held steady ever since. However, it is down from the 3.5-month supply in March 2013 and significantly lower than the national supply of 5.2 months of inventory.

The average price of a single-family home increased 11.0 percent year-over-year to $261,329. The median price—the figure at which half the homes sold for more and half for less—climbed 9.8 percent to $189,900. Both figures represent the highest prices Houston has ever seen in a March.

Single-family homes priced from $250,000 through the millions saw the greatest sales activity and accounted for the latest jump in prices. Homes priced at $150,000 and below experienced declines.

“Houston home sales rose again in March, with most of the buying taking place at the higher end of the market,” said HAR Chair Chaille Ralph with Heritage Texas Properties. “We’ve also seen ongoing strength in the leasing market, which illustrates that many consumers continue to take advantage of available lease property. We are happy that there hasn’t been any further decline in the local supply of homes and are hopeful that new construction and seasonal spring listings will help our inventory grow.”

Go to Har to read the full report.

Many of you know 2013 year was one of the good year to go in the history books for Real Estate industry. It was the year when many buyers purchased the property in record low interest rate, sales prices gone up so frequently in rocket speed, market has turned to sellers market from buyer market in many years and it was the year many new homes owners purchased the property due to the expected price increase in 2014.

Now we are already in April of 2014, March was good month inspite of low inventory with price increases and market is starting to pick up and houses are slowly popping in the market but they disappear fast but hope to to have increase in inventory to keep the industry running… Let’s hope for a good spring and summer 2014.