March Monthly Market Comparison(HAR Report):
The Houston real estate market had another strong month of sales despite the persistent record low supply of homes, soaring prices and rising interest rates. Single-family home sales increased 4.1 percent year-over-year. On a year-to-date basis, sales are 10.8 percent ahead of 2021’s record pace.
With the exception of active listings (the total number of available properties), all of the monthly measurements showed positive readings. Pending sales rose 3.8 percent. Sales of all property types increased 4.3 percent year-over-year, totaling 12,149, and total dollar volume for March increased 15.7 percent to $4.6 billion.
Months of inventory was flat at a 1.3-months supply, which is just slightly above the lowest level of all time. Over the past year, its highest level reached was a 1.8-months supply in August 2021. Housing inventory nationally stands at a 1.7-months supply, according to the latest report from the National Association of Realtors (NAR). A 6.0-months supply is traditionally considered to represent a “balanced market,” in which neither the buyer nor the seller has an advantage.