A new report shows a continued increase in property sales despite rising prices. (Courtesy Houston Association of Realtors)
Property sales in the Houston area increased 4.3% in March compared to the previous year, according to an April 13 press release from the Houston Association of Realtors.
Despite a rise in interest rates and a 2.1% decrease in year-over-year housing supply, there is no indication of a slowing housing market, according to the release.
Median prices for single-family homes rose to $335,000, up from $290,000 last March, a 15.5% increase.
“We are experiencing unprecedented market conditions in Houston with a frenetic pace of homebuying,” HAR Chair Jennifer Wauhob said in the release.
According to the HAR, the number of single-family homes on the market for between $150,000-$249,999 decreased by 36.9% when compared to last March. Meanwhile, homes between $500,000-$999,999 saw a 36.1% increase, the largest year-over-year growth of any price range.
The average number of days a home spends on the market decreased from 46 in March 2021 to 38 in March of this year, according to the HAR.
The total months of inventory—the estimated amount of time it would take to deplete property in the market—was at 1.3 months for single-family homes in March. A supply of six months of inventory is considered a “balanced market,” according to the National Association of Realtors.