Lease Property Update
Property leases had a healthy performance in April. Single-family home rentals increased 2.0 percent while leases of townhomes and condominiums jumped 8.6 percent. The average rent for single-family homes rose 3.6 percent to $1,778 while the average rent for townhomes and condominiums edged up 1.1 percent to $1,576.
April Monthly Market Comparison
The Houston real estate market achieved gains in all but two categories during the month of April, with single-family home sales, total property sales, pricing and total dollar volume all up compared to April 2017. Month-end pending sales for single-family homes totaled 8,766, up 15.5 percent from last year. Total active listings, or the total number of available properties, fell 3.8 percent to 36,882.
Single-family homes inventory reached a 3.6-months supply in April versus 3.8 months a year earlier, but is at its highest level since last November. For perspective, housing inventory across the U.S. also stands at a 3.6-months supply, according to the latest report from the National Association of REALTORS® (NAR).