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Business

Single-Family Home Sales Down Nearly 6 Percent In February

The drop, partly tied to oil-sector layoffs, marked the first decline for the Houston market in half a year.

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Home sales across Greater Houston fell for the first time in six months, according to the Houston Association of Realtors. Single-family home sales totaled 4,521 in February. That’s down from 4,798 a year earlier, a drop of 5.8 percent. Layoffs tied to falling oil prices contributed to the decline, as did rising home prices and a limited housing inventory.

“What we’ve experienced in the last couple of years has been amazing. It’s been very encouraging. But we all knew that most markets cannot sustain that rapid a pace for a long period of time,” says Cheri Fama, president of John Daugherty Realtors.

The average price of a single-family home came to $259,293. That marks an increase of 4.5 percent, year-over-year, and a new record for February in Houston.

The region’s housing inventory registered 2.7 months, a slight improvement from January. Inventory is a rough measure of how long it would take to sell out the entire listed supply of housing. The current national supply comes to 4.7 months.

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Andrew Schneider

Andrew Schneider

Politics and Government Reporter

Andrew heads Houston Public Media's coverage of national, state, and local elections. He also reports on major policy issues before the Texas Legislature and county and city governments across Greater Houston. Before taking up his current post, Andrew spent five years as Houston Public Media's business reporter, covering the oil...

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