All Forum Posts by: Sharon Tzib

@Ben Unger the data reported on HAR is from listings on HAR. It's not for all homes sold or rented in the Houston area, just those listed, sold and/or rented on HAR itself.

You are quite welcome @Theodore Rivera!

Yes @Tristan S. the Houston market continues to prove all the naysayers wrong and is stronger than ever. It can all be traced back to demand, and despite increased inventory levels, we still don't have enough homes to satisfy all the buyers out there. Until that levels off, I would expect to see the market proceed on this trajectory.

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

Houston Real Estate Highlights in April

• Single-family home sales rose 3.1 percent year-over-year with 6,583 units sold;
• Total property sales increased 4.2 percent with 8,014 units sold;
• Total dollar volume jumped 8.1 percent to $2.2 billion;
• At $228,000, the single-family home median price rose 4.6 percent to an April high;
• The single-family home average price climbed 4.7 percent to $291,770, which was also the highest level for an April;
• Single-family homes months of inventory grew to a 4.0-months supply, the highest level since August 2016;
• Townhome/condominium sales increased 3.8 percent, with the average price down 0.6 percent to $207,527 and the median price up 8.5 percent to $171,500;
• Leases of single-family homes soared 14.6 percent with average rent down 4.9 percent to $1,715;
• Volume of townhome/condominium leases rose 5.9 percent with average rent down 1.1 percent to $1,557.

Hey @Denise Mayo-Walley, I believe @Paul Guilbeau is exactly right. The rental market is just going through a correction, after years of increasing rents, it has been normalizing (and/or lowering a bit in some areas) for several months now. While incomes have been increasing again "somewhat," they certainly could not sustain the rental increases for very long without something having to give.

Houston Real Estate Highlights in March:

• Single-family home sales rose 11.7 percent year-over-year with 7.013 units sold, the third consecutive monthly gain of 2017;
• Total property sales jumped 10.5 percent with 8,495 units sold;
• Total dollar volume soared 15.7 percent to $2.3 billion;
• At $227,530, the single-family home median price rose 5.8 percent to a March high;
• The single-family home average price climbed 4.6 percent to $284,279, which was also the highest level for a March;
• Single-family homes months of inventory grew to a 3.8-months supply, matching the national level reported by NAR;
• Townhome/condominium sales increased 7.4 percent, with the average price up 3.4 percent to $200,556 and the median price unchanged at $154,250;
• Leases of single-family homes rocketed 36.6 percent with average rent down 4.9 percent to $1,647;
• Volume of townhome/condominium leases surged 37.8 percent with average rent down 5.6 percent to $1,487.

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

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.

I agree with @Ryan Terwilliger. Almost every property I write on these days has multiple offers. I have five closings this month alone, and it's only February! Granted, I work primarily in the $250K and below market, and every segment is different, but from what I'm seeing, this year is going to be another record year. Yes, some rentals take longer to lease up, but most of my investors are finding tenants in 30-45 days, which they've accounted for since they look at neighborhood stats before buying. 

I agree @Michael Le, Houston never really missed a beat during the O&G downturn, unless you had a high end home. No one has a crystal ball moving forward, but all indicators point to another strong year here. 

@Tom Cooper we had 3.3 months of inventory in Jan 2016, 3.5 in Jan 2017, nationally I believe it's 3.6. A normal market is 6.0, so we are definitely in seller's market territory here. I don't have a stat on avg DOM, and honestly, that varies greatly by area and price range in Houston anyways, but in the $175K and under range, they can go as quick as 3-7 days, but usually are gone for sure by 21 days.

Just my experience, so don't shoot the messenger :)

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

Houston Real Estate Highlights in January

• Single-family home sales rose 1.7 percent with 4,080 units sold;
• Total property sales edged up 0.9 percent with 4,997 units sold;
• Total dollar volume jumped 6.2 percent to $1.3 billion;
• At $210,000, the single-family home median price rose 4.0 percent to a January high;
• The single-family home average price climbed 5.3 percent to $275,696, which was also the highest level for a January;
• Single-family homes months of inventory climbed to a 3.5-months supply;
• Townhome/condominium sales fell 5.4 percent, with the average price up 1.4 percent to $187,178 and the median price down 1.1 percent to $138,000;
• Leases of single-family homes rose 5.7 percent with average rent down slightly to $1,718;
• Leases of townhomes/condominiums increased 6.0 percent with average rent down 4.7 percent to $1,497.

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

Houston Real Estate Highlights for December and Full-Year 2016

• 2016 was a record year for Houston home sales with 76,449 single-family homes sold versus 74,174 in 2015. That represents an increase of 3.0 percent. It is also 1.3 percent above the previous record sales volume of 75,470 set in 2014;
• Total dollar volume for 2016 rose 4.2 percent to $24.5 billion;
• December single-family home sales climbed 5.3 percent with 6,628 units sold;
• Total December property sales increased 5.1 percent to 7,868 units;
• Total dollar volume for December increased 10.1 percent to $2.2 billion;
• At $225,903, the single-family home median price rose 2.7 percent to a December high;
• The single-family home average price increased 4.3 percent to $294,512, which was also the highest level for a December;
• Single-family homes months of inventory edged up to a 3.3-months supply;
• Townhome/condominium sales fell 8.1 percent, with the average price up 3.7 percent to $208,905 and the median price up 5.8 percent to $169,250;
• Leases of single-family homes rose 5.2 percent with average rent down slightly to $1,690;
• Leases of townhomes/condominiums climbed 9.5 percent with average rent up slightly to $1,497.