Houston-area homebuyers snapped up a record number of houses by the end of the first quarter. However, June 2017 has witnessed record sales that have driven the region’s median sales price to new, unprecedented levels. Home sales surged to 11.5 percent from the same period last year. The Houston Association of Realtors (HAR) reports this even as employment has yet to recover from the extended oil price slump fully.
According to HAR Chairman Cindy Hamman, Houstonians are enjoying steady jobs and good housing Inventory standards. This is how a total of 8,414 single-family homes sold in June compared to 7,771 a year earlier, according to the latest monthly report produced by the Houston Association of Realtors (HAR).
The only tier of housing accommodation to log a decrease in sales in May was the segment priced between $100,000 and $150,000. Sales fell 5.3 percent. The HAR further records that the single-family home median price (the figure at which half of the homes sold for more and half sold for less) climbed 2.6 percent to $239,023. The average price edged up 1.5 percent to $304,155. Both figures are all-time highs. See HAR for more details.
Certainly, Houston will continue to see growth in the economy through relocations from out of state, job growth in the medical industry and the arrival of millennials as homebuyers. The number of buyers coming in, specifically in the energy sector soared in June 2017. Bring it on Texans! Realty by Judy Hayes has sold over 500 homes in Texas and is widely networked with major stakeholders impacting this phenomenon. We have seen that record prices are attracting the attention of builders, and this is fueling another housing construction boom. According to the Greater Houston Builders Association, builders will expand supply to meet demand and keep price growth moderate.
Between continued strong employment numbers and healthy housing inventory levels, Houston will continue to experience vibrant activity in the housing market even as it is expected to soar in the seasons ahead. As your preferred Realtor Pro, we want you to be in the know of such numbers and the constant hive of activity in the housing market today. Houstonians are moving around looking for a change of location to increase their opportunities.
There is a tremendous amount of people coming in from out of town, and, absolutely, international buyers are coming in too. So, as you are thinking of buying of selling, this great mixture of opportunity will guarantee you as a Houstonian multiple benefits in the long term. Realty by Judy Hayes has the stats and the facts, so let’s talk today about our current listings and become a part of this unstoppable growth.