Single-Family Homes Update
Single-family home sales rose 7.8 percent in March, with 7,586 units sold throughout the greater Houston area versus 7,035 a year earlier. That marks the third consecutive month of positive sales activity and the biggest volume gain of 2019.
Prices reached the highest levels ever for an April. The median price increased 2.1 percent to $245,000. The average price rose 1.9 percent to $310,676 – the second highest average of all time (the highest was $315,492 in June 2018).
Days on Market (DOM), or the number of days it took the average home to sell, edged up from 56 to 57 days. Inventory grew to a 4.0-months supply. That is up from 3.5 months a year earlier and represents the greatest supply of homes in seven months. It is also slightly above the national inventory of 3.9 months reported by NAR.