Greater Houston Market Report - January 2014
Houston’s real estate market saw gains in all measurements in January when comparing sales to January 2013. Total property sales, total dollar volume and average and median pricing all rose on a year-over-year basis.
Month-end pending sales totaled 3,730, a 3.9 percent gain over last year and another possible indication of a steady but lower volume of sales when the February numbers are tallied. Active listings, or the number of available properties, at the end of January dropped 15.9 percent to 28,211.
Houston's inventory of available homes remained flat at a 2.6-month supply month-over-month in January, but was down from the 3.6 months of supply one year ago. The inventory of single-family homes across the U.S. currently stands at 4.6 months, according to the latest report from the National Association of REALTORS®.
This puts Houston in a firm SELLER's MARKET position. A BALANCED Market exist when there is a 5 to 6 months supply of available inventory.
| CATEGORIES |
JANUARY 2013 |
JANUARY 2014 |
CHANGE |
| Total property sales |
4,667 |
4,929 |
5.6% |
| Total dollar volume |
$904,858,281 |
$1,147,677,815 |
26.8% |
| Total active listings |
33,532 |
28,211 |
-15.9% |
| Total pending sales |
3,591 |
3,730 |
3.9% |
| Single-family home sales |
3,889 |
3,957 |
1.7% |
| Single-family average sales price |
$200,079 |
$244,070 |
22.0% |
| Single-family median sales price |
$150,000 |
$177,000 |
18.0% |
| Months inventory* |
3.6 |
2.6 |
-27.3% |
* Months inventory estimates the number of months it will take to deplete current active inventory based on the prior 12 months sales activity. This figure is representative of the single-family homes market.
Single-Family Homes Update
January sales of single-family homes in Houston totaled 3,957, up 1.7 percent from January 2013. That marks the 32nd consecutive monthly increase. It also represents the smallest one-month sales increase since June 2011 and the lowest one-month sales volume since February 2012.
Home prices reached the highest levels ever recorded in Houston for a January. The single-family median price climbed 18.0 percent from last year to $177,000 and the average price soared 22.0 percent year-over-year to $244,070.
Foreclosure property sales reported in the HAR Multiple Listing Service (MLS) continued its months-long decline, dropping 53.2 percent compared to January 2013. Foreclosures currently make up 9.2 percent of all property sales, down from a 19.6 percent share a year earlier. The median price of foreclosures rose 6.9 percent to $86,625.
January sales of all property types in totaled 4,929, a 5.6 percent increase over the same month last year. Total dollar volume for properties sold rose 26.8 percent to $1.1 billion versus $905 million a year earlier.
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