Houston Real Estate Market- February Update
March 31st, 2014
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February 2014 marked the month with the lowest inventory the Houston housing market has ever seen. There is a severe shortage of houses for sale! But even so, consumers continued to buy homes, which continued to drive up prices. The latest data from the Houston Association of Realtors show home sales climbing 8.3% year over year (February 2013 vs. February 2014). Altogether, 4765 homes were sold in Houston in February.
The supply of homes has held at 2.6 months of inventory since December. That is way lower than last February, when there was a 3.6 month supply. The national average right now is 4.9 months.
As for prices of homes, the average price of a single family home in Houston rose 12.5% year over year to $247,534.
Other interesting facts and figures for February 2014: the number of foreclosure properties dropped 44% compared to February 2013. Foreclosure sales accounted for 8.6% of February sales. A year earlier, foreclosure property sales accounted for 15.8% of February sales.
In a quick peak at the rental market, Houston's lease property market jumped 19.2% for single family homes compared to one year before. The number of townhome rentals went up 4.3%. As for rental rates, the average rent for a single family home increased 5.2% to $1590 compared to this time last year.
Here is a recap of February figures:
Houston Real Estate Milestones in February
- Single-family home sales increased 8.3 percent year-over-year, resulting in the market’s 33rd consecutive monthly increase;
- Total property sales rose 8.9 percent compared to one year earlier;
- Total dollar volume soared 22.5 percent, increasing from $1.1 billion to $1.4 billion on a year-over-year basis;
- At $181,500, the single-family home median price reached the highest level for a February in Houston;
- At $247,534, the single-family home average price also reached a February high;
- A 2.6-month supply of inventory of single-family homes is unchanged from December but down from a 3.6-month supply in February 2013 while comparing to the national average of 4.9 months;
- Sales of townhouses/condominiums grew 5.2 percent year-over-year;
- Rentals of single-family homes rose 19.2 percent while rentals of townhouse/condominium units rose 4.3 percent.
Source: The Houston Association of Realtors
Disclaimer : The views and opinions expressed in this blog are those of the author and do not necessarily reflect the official policy or position of the Houston Association of REALTORS®
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