(HAR Report): After reaching record prices in March, buyers pushed Houston home prices to even higher levels in April. The average price of a single-family home rose 14.9 percent to $426,061 while the median price jumped 16.6 percent to $343,990. Pricing for a single-family home in Houston surpassed $400,000 for the first time in March of this year.
“Contrary to what some people think, we do actually have new listings hitting the market, but they are selling exceptionally quickly and at some of the highest prices of all time as buyers and investors make cash offers well above asking price to beat back their competition,” said HAR Chair Jennifer Wauhob with Better Homes and Gardens Real Estate Gary Greene. “Consumers have grown increasingly weary of the buying frenzy and many are considering postponing their purchasing plans because pricing and interest rates have exceeded their reach. Unfortunately, we don’t anticipate conditions to improve anytime soon.”
The ‘Close to Original List Price Ratio’ for single-family homes reached 100.6 percent in April — the highest percentage ever. That means that a majority of buyers paid above list price for homes on the market. The ratio first broke the 100 percent mark last June, and did so again last July, as high-dollar buying began to permeate the market.