HOUSTON/HAR Report — (May 8, 2024) — Warmer weather and a shift in market dynamics brought a welcome change to the Houston housing market in April. While the spring homebuying season initially saw a sluggish start, home sales rebounded and inventory expanded to pre-pandemic levels, offering opportunities for buyers and sellers.
According to the Houston Association of Realtors’ (HAR) April 2024 Market Update, single-family home sales across the Greater Houston area rose 9.2 percent. The Houston Multiple Listing Service (MLS) recorded sales of 7,926 units compared to 7,256 in April 2023. Months supply of homes climbed from 2.6 to 3.7, which is the highest since October 2019 when there was a 3.8-months supply.
All housing segments saw an increase in sales in April with the high end of the market enjoying the strongest performance. Home sales in the luxury segment ($1 million+), which represents just 4.8 percent of all homes on the market, surged 33.8 percent. HAR will publish its April 2024 Rental Home Update on Wednesday, May 15.