The Hottest Home In Houston For Sale In 2018
As the real estate market continues to heat up, the price of home sales in the Houston metro area are starting to drop, according to a recent report from the National Association of Realtors.
The number of homes for sale in Houston fell from a record high of 9.8 million in March 2017 to 8.8 Million in March 2018.
As of March 12, the median price for a single-family home in Houston was $1.824 million.
In contrast, the average price for single-story homes in the metro area was $3.836 million, according the NAR.
The NAR’s survey of more than 1,000 listings showed that the median home price in Houston in March was $89,000, a 10.4 percent decrease from March 2017.
Houston has also seen a dramatic rise in the number of units for sale during the past year.
According to the NARR, the number for sale jumped from 7,935 in March to 9,838 in March.
The median price of a home in the city was $216,400, a 20.9 percent increase from March 2018, the report said.
Meanwhile, prices for single family homes were up by 9.7 percent in March from a year ago.
As the number and price of homes selling continues to rise, some real estate agents are starting out to see signs of a recovery.
According a report from Zillow, sales of single- family homes in Houston rose by 20.2 percent from March to April 2018 compared to a year earlier.
That is a 6.7 percentage point increase compared to the same period a year before, according.
Real estate agent David Cates told The Next House that prices in Houston are starting the year off on the right foot.
“The Houston market has been in a lot of good times,” Cates said.
“We’ve seen a lot more demand than a year or so ago.”
Cates said he sees a lot fewer buyers looking to purchase homes in areas that have experienced a downturn.
For example, sales in Houston have been trending lower than in many other markets, so we see a lot less demand in those areas.
He added that Houston is now starting to see demand for single families, which is good news for buyers.
The average price of single family home sold in Houston increased from $1,534,000 in March, to $1 and a half million in May 2018, according for Zillows.
According the Narr, the total number of Houston homes for rent, which includes single- and multifamily units, rose 11.6 percent from April to May 2018 compared with the same month last year.
Sales of new homes rose 21.7% from April 2018 to May 2019, according ZillOW.
While Cates noted that the market in Houston has remained “in a strong and healthy spot,” he also noted that there are many areas in the region that are experiencing a slowdown in sales.
“Some areas are starting slow and others are just starting to get really good.
There’s a lot to be done, but we’re seeing a lot going on in the market right now,” he said.
In May, Cates pointed out that the area surrounding the University of Houston had the lowest number of sales per square foot of any major metro area.
According NARR’s report, the University City area had the highest number of new sales per capita for the year at 9.2 new units per person, a decrease of nearly 10 percent from the previous year.
The University of Texas at Austin saw a 16.6 per cent increase in new homes sales per person in the same time period, according data from the Texas Real Estate Board.
“As the housing market has continued to recover, Houston continues to see the most active growth in home sales.
The city is seeing the strongest recovery in the state of Texas,” said Michael Leggio, president of the NTRB.
The region is home to about one-quarter of the country’s 2.7 million households.
“Houston has long been known as a hotbed of home shopping, but in recent years the demand for homes in this city has been on the rise,” said Leggino.
The trend is expected to continue into 2018, with Houston’s home sales expected to increase by 2.8 percent, according Leggia.
The National Association for Realtor, however, has a different outlook.
The group says the number is set to drop to 9.5 million by the end of 2018.
The organization predicts that demand for home sales is on the decline across the country, with the percentage of people looking to buy homes down by more than 10 percentage points from 2016 to 2018.