Luxury Market Leads The Way in Houston's April Home Sales Gains

[Jhoana Olarte]

• Single-family home sales rose 7.8 percent year-over-year, with 7,586 units sold, marking the third consecutive month of positive sales and the biggest volume increase of 2019;
• On a year-to-date basis, single-family home sales are 2.2 percent ahead of 2018’s record pace;
• Days on Market (DOM) for single-family homes edged up from 56 to 57 days;
• Total property sales increased 7.8 percent, with 9,063 units sold;
• Total dollar volume jumped 9.6 percent to about $2.7 billion;
• The single-family home median price rose 2.1 percent to $245,000, achieving an April high;
• The single-family home average price was up 1.9 percent to an April high of $310,676 – the second highest average of all time;
• Single-family homes months of inventory reached a 4.0-months supply, up from 3.5 months last April and the most plentiful level since September 2018. For comparison, the national inventory is at a 3.9-months supply, according to NAR;
• Townhome/condominium sales ended seven months of declines with a flat sales volume of 595 units, the average price down 8.4 percent to $203,751 and the median price down 9.0 percent to $163,000;
• Single-family home rentals surged 12.7 percent with the average rent up less than one percent to at $1,795;
• Volume of townhome/condominium leases declined 4.4 percent with the average rent up less than one percent to $1,586.