Yeah…….so um, about that “oil price decline will kill the Houston housing market” thesis……Can we finally put it out to pasture??
Inventory still at only 3.6mos……well, well below market equilibrium…
We have pending sales up, YTD sales up and inventory up which means the increase in inventory is not the market grinding to a halt but builders bringing more inventory to market to meet demand. This is good for the overall market…..
HAR.com:
MLS Report for March 2016HOUSTON’S MARCH HOUSING NUMBERS SHOW STABILITY DESPITE ONGOING ENERGY JITTERSMid-range housing sees sales gains; overall market is ahead year-to-date
HOUSTON — (April 13, 2016) — Despite continued strains in the oil patch, the Houston real estate market demonstrated more sustainable conditions in March, with positive sales among mid-range homes and a growing supply of homes from which buyers can choose.
According to the latest monthly report prepared by the Houston Association of Realtors (HAR), March single-family home sales declined 2.2 percent versus March 2015, with a total of 6,001 sales compared to 6,137 a year earlier. On a year-to-date basis, however, home sales are 1.0 percent ahead of last year’s pace. New listings helped boost inventory from a 2.8-months supply to 3.6 months.
“Overall home sales held steady throughout March, and much of that may be due to an influx of new residents throughout the Houston area even as the energy industry suffered more layoffs,” said HAR Chairman Mario Arriaga with First Group. “Positive home sales in the $150,000 to $250,000 price range and increasing housing inventory suggest that we are in a more sustainable market.”
In its April 2016 report on the Houston economy, the Greater Houston Partnership (GHP) cited U.S. Census Bureau data showing the Houston metropolitan area leading the nation in population growth in 2015, with the addition of over 159,000 new residents. GHP stated that since April 2010, Houston has added over 736,000 residents and that energy industry layoffs have been offset by job creation in other sectors.
Home prices showed mixed readings in March. The single-family home average price declined 1.6 percent to $272,658. The median price—the figure at which half of the homes sold for more and half sold for less—rose 2.4 percent to $215,000, the highest price ever for a March.
March sales of all property types in Houston totaled 7,375, down 1.0 percent from the same month last year. Total dollar volume for properties sold in March fell 2.5 percent to $1.9 billion.
March Monthly Market ComparisonHouston’s monthly housing market measurements were mixed in March compared to those from a year earlier, but still demonstrate what are considered more sustainable market conditions. On a year-over-year basis, single-family homes sales, average price, total dollar volume were down while inventory levels grew and the median sales price rose to a March high.
Month-end pending sales for single-family homes totaled 8,018, an increase of 4.9 percent compared to last year. Total active listings, or the total number of available properties, at the end of March shot up 21.0 percent from March 2015 to 34,504.
An increase in new listings in March gave single-family homes inventory a boost, with levels climbing from a 2.8-months supply to 3.6 months. For perspective, the national supply of homes reported by the National Association of Realtors (NAR) currently stands at 4.4 months.
CATEGORIES MARCH 2015 MARCH 2016 CHANGE Total property sales 7,448 7,375 -1.0% Total dollar volume $1,943,771,966 $1,894,976,160 -2.5% Total active listings 28,507 34,504 21.0% Single-family home sales 6,137 6,001 -2.2% Single-family average sales price $277,064 $272,658 -1.6% Single-family median sales price $209,900 $215,000 2.4% Single-family months inventory* 2.8 3.6 28.6% Single-family pending sales** 7,647 8,018 4.9%