Record Volume in Home Sales
Home sales did not disappoint in the past year. 2016 brought record volume sales. We are often asked how the real estate market is doing. Despite the falling oil prices which drove an increase in energy related layoffs the Houston Housing Market stayed steady.
“Full-year 2016 single family home sales totaled 76,449, according to the latest report produced by the Houston Association of Realtors (HAR). That represents an increase of 3.0 percent from 2015 and is 1.3 percent above the previous record of 75,470 homes sold in 2014. Total dollar volume for properties sold in 2016 rose 4.2 percent to $24.5 billion.” (public release from HAR.com).
Houston’s diversity in the economy has kept Houston strong. Our city does not take the hit as hard as other cities when one trade gets hit. We have “World Renowned” Medical centers, we are the global leader in international business, home of NASA, and so much more. Houston’s labor force fills 2.9 million jobs and growing.
|CATEGORIES||FULL-YEAR 2015||FULL-YEAR 2016||CHANGE|
|Single-family home sales||74,174||76,449||3.0%|
|Total property sales||89,296||91,520||2.2%|
|Total dollar volume||$23,559,111,514||$24,546,840,733||4.2%|
|Single-family average sales price||$280,290||$283,133||1.1%|
|Single-family median sales price||$212,000||$221,000||4.5%|
* Months inventory estimates the number of months it will take to deplete current active inventory based on the prior 12 months sales activity. This figure is representative of the single-family homes market.
More inventory is coming onto the market, and this could slow the rate of home-price appreciation as we head into 2017. That’s the general forecast for Houston’s housing market in 2017.
Based on current construction trends, many real estate professionals expect the number of homes for sale to increase in 2017 as new inventory comes onto the market.
We are excited for 2017 as we expect to meet if not exceed some aggressive goals we have set for ourselves at Houston Dream Living.