After three consecutive years of booming double digit growth, Houston's home price growth flattened in 2015. The average home price in Houston rose 3.11% to $303,466 -- up from $294,308 in 2014. Median home prices jumped 3.17% year-over-year to $195,000, according to data obtained from Houston’s MLS.
The good news for Houston is that inventory levels remain fairly low and pretty stable. For the last 3 months, housing inventory remained consistent at 3.5 months across the city. This is relatively low compared to the current 5.1-months supply of homes nationally. Low available home inventory should help buoy prices near term, which is good for those ready to sell.
For buyers, inventory levels have risen from 2.5 months of available units at the end of 2014 to 3.2 months today. Although still relatively low, that provides a lot of additional options for home shoppers. Also, the number of multi-offer flash sales have decreased considerably, so you have a little more time to make an informed decision before your purchase.
DECEMBER 2015: HOUSTON REAL ESTATE MARKET AT A GLANCE
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Single-family home sales fell 2.4 percent for the year and sales of all property types dropped 2.9 percent.
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The total number of 2015 single-family home sales as well as sales of all property types achieved the second-highest levels of all time, behind 2014
- Although still relatively low, single family home inventory is up to 3.2 months of available units versus 2.5 months at the end of 2014.
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