Houston: Record-Breaking Housing Market 2016

Houston Housing market 2016
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Houston: Record-Breaking Housing Market 2016

The Houston housing market remained steady in 2016 and gained momentum in the last few months to set record highs for home sales. According to the Houston Association of Realtors (HAR) Chair, Cindy Hamann, the Houston housing market began on a cautionary note due to energy-related layoffs, which affected the higher-priced homes. But by the end of the year, the increase was a great reflection of Houston’s diversified economy which continues to benefit from hiring in other industries and the constant influx of consumers from around the world.

2016 ANNUAL MARKET REPORT

• 76,449 single-family home sales according to the latest HAR housing market report, which was 3% year over year and 1.3% above the previous record of homes sold in 2014
• 4.2% rise in total dollar volume for properties sold in 2016

DECEMBER MONTHLY MARKET REPORT

There were across-the-board gains in December 2016 for single-family homes sales, total property sales, total dollar volume and pricing from December 2015.

• 6,628 single-family home sales in December 2016, a 5.3% increase year-over-year
• Median home price rose 2.7% to a high of $225,903
• 4.3% increase in average sales price to $294,512-a record high for December
• 5.2% rise in single-family home leases with an average monthly rent down slightly to $1,690
• 9.5% rise of leases of townhomes and condominiums with an average rent up slightly to $1,497