For the third time in 12 months, the Houston housing market was in the positive in February, with a 7.6% increase year over year in single-family homes sold, the Houston Association of Realtors reported in a February market update released March 13.
By the numbers
- Single-family home sales for February totaled 6,221 units, compared to the figures recorded in the previous year, 5,781 units.
- The data indicates total property sales in February amounted to 7,541 units compared to 7,074 units, reflecting a 7% increase year over year.
- The average price for single-family homes increased from $384,330 to $400,252, showing a 4.1% change year over year.
- The median price for single-family homes in February increased 3% from $320,000 to $329,686.
On the other hand
In February, townhome and condominiums sales dropped by 8.1% from the previous year, with 411 unit sales compared to 447 units in February 2023.
Despite fewer sales, prices went up, according to the HAR report:
- The average price rose by 5.5% to $258,587.
- The median price increased by 8.9% to $237,500.
What they’re saying
“With pent-up demand, consumers appear to finally be pushing aside interest rate concerns and returning to the market,” HAR Chair Thomas Mouton said in a statement. “The increase in home sales, slight appreciation in home prices and expanding inventory creates opportunities for both buyers and sellers in the marketplace.”
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