The HAR report for the month of April has been released and the numbers remain widely positive. After dropping in February, home sales returned to positive territory in March and remained there in April. Single-family home sales, total property sales, total dollar volume and pricing were all higher than in April 2014. Inventory also continues to rise and at a steady rate. April’s inventory reached a height not seen since September 2014.

April 2015 totaled 6,502 single-family home sales compared to 6,380 in April 2014. This comes out to an increase of 1.9 percent. This slight increase in home sales can be seen as a positive for the market, but the real number of note is the price increase for those homes sold. Home prices for the month were the highest that they have ever been for an April in Houston. That meant a 4.3 percent increase of the average single-family home sales price from $270,167 to $281,724. The median price for single-family homes was also a record for an April at $209,790.

The report showed that Houston’s housing inventory continues to rise. The 2.9-months supply is the highest for the city since September 2014 and an increase from the 2.6-months supply of last April. This is still well below the current national inventory level of 4.6-months supply. It is, however, a positive sign for a Houston market that has been well below the national supply for some time now. A Metrostudy report on new Houston housing numbers from the first quarter of 2015 supports the idea that the city’s inventory is headed in the right direction. Through the first quarter of 2015, the number of annual new home starts was at 29,852 which is the second strongest total since the third quarter of 2008.

HAR Chair Nancy Furst cites the importance of strong inventory. Furst indicates that the April increase in inventory certainly was a factor for the positive sales numbers for the month and sees the need for a continued increase in inventory levels. She contends, “in order to satisfy the long-term needs of the Houston housing market, we need to see substantive growth in inventory levels.” The continued increase in inventory is reassuring, but a bigger leap will need to be made to have a prolonged effect on the market.

The relatively low inventory level is likely the biggest reason for the record high sales prices. Scott Davis, Director of Metrostudy’s Houston region, explains, “tight supplies of available housing historically lead to home price appreciation, and prices in housing are rising quickly in both new and resale homes.” If inventory continues to increase, we’re likely to see prices come down a bit.

Looking to buy or sell a home, or just have questions about the market? Always feel free to contact me at cynthia@cynthiamullins.com or 713.829.3052.

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