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Median home price hits all-time high

Posted by: In: Industry Insights 21 May 2013 Comments: 0

(Houston Chronicle) The dwindling supply of homes on the market and a surge in million-dollar housing activity sent the Houston-area median home price into record high territory in April, a new report shows.

The median — the figure at which half the homes sold for more and half for less — jumped 14.5 percent to $184,900, according to the Houston Association of Realtors, which tracks properties sold through the Multiple Listing Service. April marked the second  month in a row the median hit a record high.

“The Houston housing market shows absolutely no sign of letting up,” the association’s chairman, Danny Frank, said in a statement. He said more listings and additional home building are needed to meet the growing demand fueled by the healthy job market.

Single-family home sales last month spiked 27.2 percent over April 2012, marking the 23rd straight month of positive year-over-year sales. Townhomes and condominium sales shot up 31 percent.

As the demand continued, so did the constrained inventory, which dwindled to 3.4 months. That was the lowest level since 1999 and far below the six months experts consider a balanced market. Active listings, or the number of available properties, at the end of April declined 23.6 percent from April 2012 to 32,498.

Buyers closed on 6,482 single-family homes, representing the largest one-month sales volume recorded since August 2007, right before the recession took hold. All housing segments experienced gains except for the low end. Here’s the breakdown:

  • Up to $79,999: decreased 16.5 percent
  • $80,000 – $149,999: increased 14.1 percent
  • $150,000 – $249,999: increased 36.0 percent
  • $250,000 – $499,999: increased 49.5 percent
  • $500,000 – $1 million and above: increased 68.3 percent

To view the Houston Chronicle article, click here.

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