Houston Market Report: August 2016
Norhill Realty September 23, 2016
In the Houston real estate market, conditions continue to favor buyers in most Houston neighborhoods, while others, like the Heights are much more balanced between both buyers and sellers. August 2016 found an increase in the number of new listings, active listings and pending listings for single-family homes, according to information from Houston Association of Realtors
According to the latest monthly report prepared by the Houston Association of Realtors (HAR), a total of 7,914 homes sold in August. That is the greatest one-month volume since July 2015, when 7,898 homes sold. On a year-to-date basis, home sales are up 1.5 percent compared to this point in 2015. Pending listings had an even higher jump, with the 7,359 pending listings at the end of August 2016, indicating a 10.1 percent increase over August 2016.
Prices in the Houston real estate market continued to climb during that year-long period. The median price of a single-family home in the Houston area increased 4.62 percent between August 2015 and August 2016, to $204,000. Average home prices rose .57% percent during that period to $305,621. The dollar volume of sales during the year increased 10.4% percent. In total, $2,567,194,524 worth of homes were sold in August 2016.
Homes spend an average of 50 days on the market in Houston, which is a slight increase from last August's 45 day average.
Overall, the market remains in balance. Attractive, well-placed homes continue to sell very quickly and in some cases can receive multiple offers. However, with an increase in the number of available options, Buyers have more options than they have had over the past year and in individual neighborhoods and properties might be able to find more attractive prices than in 2015.
Norhill Realty provides expert real estate services to residential buyers and sellers in Houston and surrounding communities.
Contact us today for more information on Houston real estate and for professional assistance navigating this sometimes complex home market.
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