Houston’s 2015 real estate market certainly had the odds stacked against it. It was not only following a record-setting 2014, but was also up against plunging oil prices and extremely low housing inventory levels. All this seemed to be a recipe for a significant dropoff in numbers, but somehow the market actually finished the year with much better numbers than expected. The final quarter of the year was a torrid one for the housing market, but the overall numbers stood fairly strong in spite of that.

HAR just released their January report which covered December as well as 2015 as a whole. After a very strong September, October and November both saw double digit percentage drops in year-over-year single-family home sales. December was essentially more of the same with single-family home sales falling 9.7 percent, from 6,507 in December 2014 to only 5,879 this past December.

This exceptionally slow final quarter is part of what makes the overall numbers for the year so impressive. With such a slowdown in those last three months, a substantial dip in the comprehensive 2015 numbers was expected. And while there was a decline, it was not nearly as severe as had been anticipated. After a record 75,535 single-family homes were sold in 2014, that number only dropped 2.4 percent in 2015. Even with the downturn, 2015’s 73,724 single-family home sales rank as the second-highest annual total of all time in Houston.

While single-family home sales for 2015 did falter a bit, single-family home prices for the year actually moved in the opposite direction. Single-family average sales price rose 3.7 annually from $270,182 to $280,290. The median price for single-family home sales made an even bigger year-over-year jump of 6.5 percent, as the median price for all of 2014 was $199,000 compared to $212,000 for all of 2015. The total dollar volume for all properties sold in the year was also able to match 2014’s record of $23.5 billion.

Another noteworthy change in 2015 came in the form of housing inventory. Houston’s months inventory began the year at an all-time low of 2.5-months supply. That number grew a significant amount, peaking at 3.5-months supply during the summer before finally ending the year at 3.2-months supply. 2015’s final quarter may leave a bad taste in our mouths, but looking at the numbers as a whole, and considering all the obstacles standing in the way as the year began, 2015 should be seen as a pleasant surprise.

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

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