March madness as Houston home sales reboundMarch madness as Houston home sales reboundhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=13032015-04-10T13:26:00Z2015-04-10T08:00:00Z

HOUSTON - After February’s decline in sales volume, Houston home sales returned to positive territory in March, with consumers buying newly listed homes before they ever had a chance to replenish the local housing supply, according to the Houston Association of Realtors (HAR).

Sales of single-family homes rose 3.8 percent year-over-year in March, with most activity taking place among homes priced between $250,000 and $500,000. The high end of the market also had a gain after experiencing its first decline in many months in February.

Buyer demand offset a 7.3 percent increase in new listings, keeping inventory levels down. Months of inventory increased only fractionally to a 2.8-months supply. That remains well below the current national supply of 4.6 months of inventory.

Home prices achieved record highs for a March. The average price of a single-family home rose 6.5 percent year-over-year to $276,837. The median price jumped 8.9 percent to $208,000.

“It was great to have sales back in the black in March after February’s decline, but in order to satisfy the long-term needs of the Houston housing market, we need to see substantive growth in inventory levels, which remain at record lows,” said HAR Chair Nancy Furst with Berkshire Hathaway HomeServices Anderson Properties. “It could take the remainder of this year to begin approaching what we consider a ‘balanced market,’ which is typically a five- to six-month supply of homes."

Housing Market Summary: March 2014 vs. March 2015
  March 2014 March 2015 Chg.
Total sales 7,298 7,564 3.6%
Total dollar volume $1,808,957,889 $1,972,184,196 9.0%
Total active listings 28,085 28,507 1.5%
Total pending sales 4,596 6,004 30.6%
Single-family sales 6,005 6,232 3.8%
Single-family home avg. price $260,005 $276,837 6.5%
Single-family home median price $191,000 $208,000 8.9%
Single-family inventory* 2.6 2.8 6.2%

* The number of months it will take to deplete current active inventory based on the prior 12 months of sales activity. The market is considered evenly balanced between supply and demand when it has a six-month inventory.

Source: Houston Association of Realtors

Check out 'Housing' under Houston Market Research.

Houston Association of Realtors
Houston-The Woodlands-Sugar Land
http://web.har.com/mls/disppressrelease.cfmRead more at {Source}

 Search NewsTalk Texas