Houston Housing Stats February 2017

[Sharon Tzib]

http://www.har.com/content/newsroom

Highlights:

• Single-family home sales rose 4.0 percent with 4,933 units sold, the second monthly gain of 2017;
• Total property sales increased 7.1 percent with 6,111 units sold;
• Total dollar volume jumped 13.1 percent to $1.6 billion;
• At $220,000, the single-family home median price rose 7.3 percent to a February high;
• The single-family home average price climbed 6.7 percent to $280,175, which was also the highest level for a February;
• Single-family homes months of inventory edged up to a 3.5-months supply;
• Townhome/condominium sales shot up 17.1 percent, with the average price up 0.8 percent to $204,397 and the median price up 8.0 percent to $162,000;
• Leases of single-family homes rose 8.5 percent with average rent down 2.1 percent to $1,652;
• Volume of townhome/condominium leases was unchanged with average rent down 3.5 percent to $1,478.

[Jojo Joy]

I see over-confidence in the market, not just in real estate, but also in the stock market world. 

That is one of the signs that the market is getting ripe for a pull back.

I'd be cautious.