Undaunted by rising mortgage interest rates and a record low supply of homes across Greater Houston, consumers kept the local real estate market in positive territory in April. While new listings are entering the market each week, buyer demand has consistently outpaced that supply, and multiple offers on homes continues to push pricing into record territory, solidly positioning Houston as a sellers’ market
Houston Real Estate Highlights:
Single-family home sales increased 4.1 percent year-over-year;
Days on Market (DOM) for single-family homes dropped from 46 to 38;
Total property sales rose 4.3 percent with 12,149 units sold;
The single-family average price rose 11.4 percent to $410,923, the highest of all time, and the first time that pricing has topped $400,000;
The single-family median price increased 15.5 percent to $335,000 – also a record;
Single-family home rentals rose 18.3 percent with the average rent up 6.7 percent to $2,075;
