The Woodlands Real Estate Blog

Almost half of 2015 is gone and it is time to check how’s the real estate market in Houston did during this past month of May. The Houston Association of Realtors has just released the May report, which provided us with very interesting information.

In general, during this year has been full of up and downs for the Houston real estate market, with homes prices increasing and declining in alternating months. May was one of the months when the prices went down, at 4.3%. However, homes with prices between $250,000 and $500,000 had a positive sales activity, while sales for homes in the $150,000-$250,000 were flat. Lower-priced segments also experienced a downturn in sales.

Single-family home sales during May, according to the HAR report, totaled 6,807 units, compared to 7,110 from one year before. Inventory reached it’s highest level since October 2013, with a 3.1-months supply, which is higher than last May, 2.8, but still lower than the national supply of 5.3 months.

Home prices also reached all-time highs, with a 4.5 percent increase in the average single-family home price, at $292,040, while the median price went up 10.5 percent to $223,000. The total amount of properties sold, of any kind, during May reached the 8,278 units, which is 4.2 percent less than last year on the same month. The total dollar volume was $2.2 billion.

As for the townhomes and condos, sales saw its first decline since January, with a 6.4 percent fall. 630 units were sold, as compared to 673 properties sold in May 2014. Average price and median price rose 3.5 percent to $202,228 and 3.5 percent to $150,000 respectively, compared to last year. Supply grew slightly from 2.6 months to 2.7 months.

In conclusion, May saw average and median price of single-family homes reached all-time historic highs and the home supply saw an increase for the first time since October 2013. Days on the market was also slightly less, going down to 47 compared to 50 days a year earlier.

For more information about real estate in Houston don't hesitate to contact Tamborrel Properties at (800) 891-5818. Our multi-awarded team of realtors will gladly help you find the perfect home in Houston, Texas for you and your family. Call us today!

Source: Houston Association of Realtors