2018 Was Best Year Ever for Houston Home Sales, Market briefs

In Houston, Houston had its best year ever for home sales in 2018, as strong job growth rocketed Houston housing to a new high.

In The Houston Association of Realtors reported 82,177 single, family home sales in 2018. It was the first time annual sales ever cracked the 80,000-sales barrier.

Last year’s sales performance represented a 3.7 percent over the sales total for 2017.

The increase in sales developed even though mortgage rates edged upward. The nation’s average 30-year, fixed-rate was 4.51 percent, up from 3.95 percent from this time last year, as stated by Freddie Mac. Home sales were slightly softer at the end of the year, a decline which may have been related to rising mortgage interest rates. However, the Federal Reserve has recently indicated that it could take a more dovish stance in 2019.

Inventory remains low at 3.5-months supply, HAR reported. Houston remains a sellers market. A six-months supply is considered a balanced market. Currently, the national inventory has a 3.9-months supply of homes for sale, as stated by the National Association of Realtors.

On a year-to-date basis, the average Houston home price rose 2.6 percent to $298,982 while the median price increased 3.3 percent to $237,500, HAR reported.