Houston Resi Market Soars in April, Luxury Real Estate Up 34%

Pre-pandemic inventory levels and a significant turnaround in sales in April have the Greater Houston residential market thriving.

The previous two months have fluctuated. What looked like a recovery in the residential sector in February was snuffed out by weak single-family home sales in March, which resulted in a $200 million decline in total year-over-year dollar volume. other, as well as a 7.5% drop in home sales.

However, the market is rebounding strongly, according to the Houston Association of Realtors.

“The spring homebuying season appears to be blossoming later than usual this year,” said Thomas Mouton, president of HAR. “While high interest rates continue to be a factor, April’s rebound in home sales shows buyers are adapting to new market realities and sellers are finding opportunities as inventory levels rise. are increasing.”

Single-family home sales were up nearly 10% year over year, with 7,930 units, up from 7,260 in April of last year. Pending sales of single-family homes also showed promise, up 10%, signaling continued momentum in the months to come.

Perhaps most striking is that single-family home inventory has reached pre-pandemic levels, with months of inventory reaching 3.7, the highest since October 2019, offering a wealth of opportunities. options to potential buyers. Nationally, housing supply stands at 3.2 months, according to the National Association of Realtors, indicating a balanced market where neither buyers nor sellers hold a distinct advantage.

Nowhere has this rebound been more striking than in the million-dollar housing market. While all segments of the real estate market saw an increase in sales activity, luxury home sales saw the strongest growth, exploding with a 34% increase, demonstrating strong interest from high-end buyers. of Greater Houston as summer approaches.

The average price of a single-family home across Greater Houston increased more than 4% to $437,200, marking the second highest average in history, closely behind the record average price of a house of May 2022, $438,350. Total property sales, which also include commercial real estate, saw an increase of nearly 9 percent, translating into a total dollar volume increase of approximately 14 percent, surpassing $4 billion, compared to $3.5 billion over one year.