Houston home prices have momentum. According to the Houston Association of Realtors' (HAR) most recent press release, this March set records for average and median home prices in Houston. In terms of number of homes, March sales outpaced March 2005 sales and the previous month's sales.
Inventories have ticked up, as HAR reports 5.3 months of inventory at the end of March vs. the 5.2 months of inventory at the end of February. As noted in the press release, inventory is up by 1,100 homes in February, but down by 1,200 homes since March 2005.
Houston real estate transactions numbered 8,015, a 22% increase over March 2005 transactions.
All Categories: March 2005 March 2006 Percent Change
Total property sales 6,548 8,015 +22.4%
Total dollar volume $1,114,378,189 $1,475,233,100 +32.4%
Average single-family $178,519 $193,640 +8.5%
Median single-family $136,000 $143,310 +5.4%
Active listings 43,152 41,948 -2.8%
Pending sales 5,118 5,506 +7.6%
Months inventory* 6.0 5.3 -12.3%
* Months inventory estimates the number of months it will take to deplete current active inventory based on the prior 12 months sales activity. This figure is representative of the single-family homes market.