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HOUSTON HOUSING MARKET SAW YEAR-OVER-YEAR GAINS IN JANUARY
The Houston area housing market started off the year with across-the-board gains compared to January 2016. Homes priced between $500,000 and $750,000 showed the strongest sales activity. Sales of homes priced at $750,000 and above remained strong for the third consecutive month.
Single-family homes inventory grew from grew from a 3.3-months supply to 3.5 months. Across the U.S., inventory is at a 3.6 months supply. Days on the market grew to 64 days.
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HOUSTON HOUSING MARKET HELD STEADY THROUGHOUT 2016
The Houston area housing market was stable throughout 2016 despite fears of falling oil prices and layoffs. After a decline in 2015, single-family home sales increased 3.0 percent and is 1.3 percent above the homes sold in 2014.
Inventory levels grew during the first half of 2016, hitting a 4.0-months supply in July. Levels were down to a 3.3-months supply, at the end of the year, which is the same level as the beginning of 2016.
The Houston housing market had gains in December 2016 with single-family home sales and total property sales all up compared to December 2015.
Single-family homes inventory grew from a 3.2-months supply to 3.3 months. Inventory across the U.S. currently is at a 4.0-months supply.
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HOUSTON REAL ESTATE MARKET SUSTAINING ITSELF DESPITE ENERGY SLOWDOWN
During the month of March, the Houston housing market showed positve sales among mid-range homes and inventory continued to grow. The Greater Houston Partnesrship stated that Census Data showed that the Houston metropolitan area lead the nation in population growth in 2015, with the addition of 159,000 new residents. This infux of new residents could be fueling the current home sales despite the energy industry layoffs.
March sales of all property types in Houston was down 1% from the same month last year. Single family-home sales declined 2.2 percent versus March 2015. Total dollar volume for properties sold in March fell 2.5 percent. New listings increased inventory from a 2.8-months supply to 3.6 months.
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HOUSTON REAL ESTATE MARKET BROKE RECORDS IN 2014
2014 was a record year for the Houston housing market with home sales volume and prices at record highs while inventory levels were at record lows. There were 75,319 single-family closings and 91,202 total closings, representing the most transactions in the history of Houston real estate. Months inventory began the year at a 2.6-months supply, and while it crept up to a 3.0-months supply over the summer, it ended the year at a record low 2.5-months supply. According to the Texas Workforce Commission, the extreme real estate activity was primarily driven by the addition of more than 125,000 jobs that attracted buyers and renters from across the U.S. and around the world between November 2013 and November 2014.
December sales of all property types in Houston totaled 7,695, an 11.0 percent increase over the same month last year. December single-family home sales increased 11.6 percent versus December 2013 while total property sales rose 11.0 percent.