After a string of months with declining home sales, Houston’s single-family home sales increased in February. This marked the first time since September of last year that the city’s year-over-year sales increased. According to HAR’s report for February, numbers were widely positive across the board. In addition to sales increasing, inventory levels rose, average price reached a new February high, and median price held steady.

The final quarter of 2015 was a brutal one for Houston’s housing market as home sales fell by about 10 percent in each of the final three months of the year. This is a major reason why sales decreased by 2.4 percent in 2015 as whole. January’s 2.1 percent decline was more encouraging, especially considering that it was up against 2015 numbers which were a January sales record. But, after four straight months of declining sales numbers, February’s increase in sales was a very welcome sight. Single-family home sales improved from 4,505 in February 2015 to 4,602 this February. That amounts to a 2.2 percent increase.

Average home price increased fractionally, seeing only a 0.5 percent increase, but at $260,872, it set a new record high for February. Where average home price essentially remained flat, median home price stayed completely level, equalling last February’s price of $200,000.

The number of active listings saw a noteworthy year-over-year jump from 27,990 last February to 32,914 this February. This comes out to a significant 17.6 percent rise. Single-family housing inventory also grew substantially, year-over-year, climbing to 3.4 months-supply after being at 2.7 months in February of last year. Even with that 30.5 percent increase though, Houston still sits well below the current national supply of 4.0 months. Days on the market edged up slightly in February, rising to 62 days compared to 61 days during February of 2015.

February’s numbers should be seen as fairly positive for a Houston housing market that was expected to falter in 2016. HAR Chairman Mario Arriaga echoes this sentiment, explaining, “so far in 2016, the Houston housing market has remained healthy despite the ongoing strains facing the energy industry.”

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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