This article is over 7 years old

Business

Home Sales Recover In March, Wiping Out February Losses

Single-family home prices set a new record for March in Houston, as the supply of homes for sale remained tight.

Listen

To embed this piece of audio in your site, please use this code:

<iframe src="https://embed.hpm.io/97454/59130" style="height: 115px; width: 100%;"></iframe>
X

 

money-arrow-house-400px-310px-tn.png
Image Credit: Free Images

Single-family home sales in the Houston-area came to 6,232 units last month, according to the Houston Association of Realtors — an increase of 3.8 percent compared to March 2014 . That follows a decline in local home sales in February, the first such drop in half a year.

“In January and February, a lot of people kind of wanted to sit out and see what was happening in the market and how Houston was going to be affected by the oil prices changes,” says Tim Surratt, a real estate agent with Greenwood King Properties, “and they discovered that there really wasn’t going to be a change. So I think rather than continue to sit outside the market, they went ahead and jumped back in.”

Home prices achieved record highs for the month of March. The average price of a single-family home rose by 6.5 percent year-over-year to $276,837. The region’s housing inventory ticked up slightly from February to a supply of 2.8 months. Inventory is a rough measure of how long it would take to sell out the entire listed supply of housing. By comparison, the national supply comes to 4.6 months.

Subscribe to Today in Houston

Fill out the form below to subscribe our new daily editorial newsletter from the HPM Newsroom.

* required

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...

More Information