MLS Press Release
Multiple Listing Service of the Houston Association of REALTORS® includes residential properties and new homes listed by 24,000 REALTORS®
Multiple Listing Service of the Houston Association of REALTORS® includes residential properties and new homes listed by 24,000 REALTORS®
MLS Report for March 2012
HOUSTON PROPERTY SALES RISE FOR A TENTH STRAIGHT MONTH
Average and median prices reach the highest levels for a March
in Houston while inventory maintains its lowest level in more than three
years
HOUSTON — (April 17, 2012) —
The Houston real estate market enjoyed a tenth consecutive month of
rising sales in March, with homes continuing to sell quickly enough to
keep housing inventory at its lowest level since December 2008. Average
and median prices achieved the highest levels for a March in Houston,
with the average price coming just a few dollars shy of the all-time
high set in June 2008.
According to the latest monthly data prepared by the Houston Association of REALTORS® (HAR), March sales of single-family homes rose 7.8 percent versus one year earlier. That follows February's 15.6 percent jump which was the biggest sales boost since last September. Declining sales of homes priced below $80,000 combined with increased activity in the luxury housing segment fueled the pricing gains.
"March was an excellent month for home sales in Houston and the healthy appreciation in pricing is welcome news as well," said Wayne A. Stroman, HAR chairman and CEO of Stroman Realty. "Inventory remains at its lowest level in more than three years and is outpacing the national real estate market. The moderation in pending sales in March could possibly translate to a leveling off of sales before we enter the summer buying season, but we will know for sure next month."
The March single-family home average price rose 5.7 percent year-over-year to $227,270, the highest level for a March in Houston and only $70 below the all-time high reached in June 2008. The median price—the figure at which half of the homes sold for more and half sold for less—climbed 7.8 percent to $161,750, also a record high for a March in Houston.
Foreclosure property sales reported in the Multiple Listing Service (MLS) fell 12.8 percent year-over-year in March. Foreclosures comprised 19.6 percent of all property sales, which is down from the 21.1 percent level observed over the past 12 months. The median price of foreclosures in February was flat at $81,500.
March sales of all property types in Houston totaled 5,908, an increase of 7.4 percent compared to March 2011. Total dollar volume for properties sold during the month soared 15.2 percent to $1.3 billion versus $1.1 billion a year earlier.
According to the latest monthly data prepared by the Houston Association of REALTORS® (HAR), March sales of single-family homes rose 7.8 percent versus one year earlier. That follows February's 15.6 percent jump which was the biggest sales boost since last September. Declining sales of homes priced below $80,000 combined with increased activity in the luxury housing segment fueled the pricing gains.
"March was an excellent month for home sales in Houston and the healthy appreciation in pricing is welcome news as well," said Wayne A. Stroman, HAR chairman and CEO of Stroman Realty. "Inventory remains at its lowest level in more than three years and is outpacing the national real estate market. The moderation in pending sales in March could possibly translate to a leveling off of sales before we enter the summer buying season, but we will know for sure next month."
The March single-family home average price rose 5.7 percent year-over-year to $227,270, the highest level for a March in Houston and only $70 below the all-time high reached in June 2008. The median price—the figure at which half of the homes sold for more and half sold for less—climbed 7.8 percent to $161,750, also a record high for a March in Houston.
Foreclosure property sales reported in the Multiple Listing Service (MLS) fell 12.8 percent year-over-year in March. Foreclosures comprised 19.6 percent of all property sales, which is down from the 21.1 percent level observed over the past 12 months. The median price of foreclosures in February was flat at $81,500.
March sales of all property types in Houston totaled 5,908, an increase of 7.4 percent compared to March 2011. Total dollar volume for properties sold during the month soared 15.2 percent to $1.3 billion versus $1.1 billion a year earlier.
March Monthly Market Comparison
The month of March
brought Houston's overall housing market positive results when all sales
categories are compared to March 2011. Total property sales, total
dollar volume and average and median pricing rose on a year-over-year
basis.
Month-end pending sales for March totaled 4,162. That is down a
fractional 0.7 percent from last year and may suggest a slight tapering
of sales when the April housing data are compiled. The number of
available properties, or active listings, at the end of March declined
17.8 percent from March 2011 to 41,997. For the second month in a row,
the inventory of single-family homes held to the lowest level since
December 2008-5.6 months. That compares to 7.5 months one year earlier
and means that selling the entire inventory single-family homes
currently on the market would take 5.6 months to complete based on the
past year's sales activity. The figure is superior to the national
inventory of single-family homes of 6.4 months recently reported by the
National Association of REALTORS® (NAR). These indicators continue to
demonstrate that Houston has a balanced real estate marketplace.CATEGORIES | MARCH 2011 | MARCH 2012 | PERCENT CHANGE |
Total property sales | 5,499 | 5,908 | 7.4% |
Total dollar volume | $1,122,788,737 | $1,293,042,237 | 15.2% |
Total active listings | 51,091 | 41,997 | -17.8% |
Total pending sales | 4,190 | 4,162 | -0.7% |
Single-family home sales | 4,634 | 4,996 | 7.8% |
Single-family average sales price | $214,980 | $227,270 | 5.7% |
Single-family median sales price | $150,000 | $161,750 | 7.8% |
Months inventory* | 7.5 | 5.6 | -25.9% |
* Months inventory
estimates the number of months it will take to deplete current active
inventory based on the prior 12 months sales activity. This figure is
representative of the single-family homes market.
Single-Family Homes Update
March
sales of single-family homes in Houston totaled 4,996, up 7.8 percent
from March 2011. This marks the tenth consecutive monthly increase.
Broken out by housing segment, March sales performed as follows:
At
$227,270, the average price of single-family homes rose 5.7 percent
from last March, resulting from a combination of increased sales
activity among luxury homes and a decline in the sales of homes priced
below $80,000. The average price achieved a March high but fell just shy
of the historic level of $227,340 reached in June 2008. At $161,750,
the median sales price for single-family homes climbed 7.8 percent
year-over-year, also achieving a high-point for a March in Houston.
HAR
also breaks out the sales performance of existing single-family homes
throughout the Houston market. In March 2012, existing home sales
totaled 4,088, a 6.3 percent increase from March 2011. The average sales
price rose 6.5 percent from last year to $212,524 and the median sales
price increased 7.4 percent to $145,000.
Townhouse/Condominium Update
The
number of townhouses and condominiums that sold in March declined 3.6
percent compared to one year earlier. In the greater Houston area, 374
units were sold last month versus 388 properties in March 2011.
The
average price jumped 15.2 percent to $166,228 compared to March 2012.
The median price of a townhouse/condominium rose 17.4 percent to
$135,000.
Lease Property Update
Demand
for lease properties persisted throughout the Houston market in March.
Single-family home rentals rose 10.3 percent compared to one year
earlier and year-over-year townhouse/condominium rentals increased 3.8
percent.
Houston Real Estate Milestones in March
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