HOUSTON HOME SALES GAIN MOMENTUM IN FEBRUARY

[Jhoana Olarte]

• Single-family home sales jumped 13.2 percent year-over-year, with 6,044 units sold, marking the eighth consecutive month of positive sales;
• The Days on Market (DOM) figure for single-family homes was unchanged at 68 days;
• Total property sales surged 14.9 percent, with 7,393 units sold;
• Total dollar volume increased 19.4 percent to about $2.1 billion;
• The single-family home median price rose 5.2 percent to $245,000, reaching a February high;
• The single-family home average price climbed 5.9 percent to a February high of $301,648;
• Single-family homes months of inventory was at a 3.5-months supply, down fractionally from 3.6 months last February but above the national inventory level of 3.1 months;
• Townhome/condominium sales rose for a third straight month – up 12.8 percent, with the average price up 14.5 percent to $216,170 and the median price up 16.5 percent to $176,500;
• Lease properties experienced a mixed performance, as single-family home rentals increased 5.8 percent with the average rent up 1.8 percent to $1,768;
• Volume of townhome/condominium leases fell 2.2 percent with the average rent up 3.5 percent to $1,607.

[Tushar P.]

@Brian Nel I wish there was a crystal ball, though I think real estate agents will always say it’s a good time to buy/sell irrespective of the macro/micro situation.

As per some articles that I read, impact could be like 2009-10 for Houston if the trend on virus infection and oil price continues in the same direction. The oil bust of 2015-16 was not as severe as 2009-10 because the US economy was booming during 2015-2017, with Houston real estate firmly in sellers market.

At least for those who have the stomach to invest in the stock market for the long term, Christmas has arrived early.