Houston Real Estate in May: Sales up 3% YoY, Inventory Up 10%

Jun 12 17:06 2019 Print This Article

From the HAR: Houston Home Sales and Prices Gain Momentum in MayEncouraged by continued low interest rates and a growing selection of housing options, home buyers kept the greater Houston real estate market in positive territory for a fourth straight month in May. As it did in April, the luxury segment (homes priced at $750,000 and above) led the way in sales volume, and rental properties moved briskly. Housing inventory grew to its largest level since August 2017, meeting consumer demand as the market prepares to segue into summer.Sales of single-family homes increased 2.8 percent in May, according to the latest monthly report from the Houston Association of Realtors® (HAR), with 8,346 homes sold compared to 8,117 in May 2018. On a year-to-date basis, home sales are running 2.7 percent ahead of 2018’s record pace....May sales of all property types totaled 9,948, up 3.1 percent compared to the same month last year. Total dollar volume for the month jumped 7.8 percent to slightly more than $3 billion. “We are seeing signs of a healthy and sustainable housing market throughout greater Houston, and that is due to a more plentiful supply of homes, continued low interest rates and a strong local economy,” said HAR Chair Shannon Cobb Evans with Heritage Texas Properties. “In addition to solid home sales, consumers are still snapping up rental properties, and that is also driving the local housing market.”...Total active listings, or the total number of available properties, went up 10.1 percent to 43,624. ...emphasis added

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About Article Author

Calculated Risk

A full time blogger, Bill McBride retired as a senior executive from a small public company in the '90s. Mr. McBride holds an MBA from the University of California, Irvine, and has a background in management, finance and economics.

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