We are happy to report continued resilient news about the Houston residential real estate market. Strong job growth over the past five years has buoyed the Houston economy during the slowdown in the oil & gas sector and led to continued demand for housing and constrained inventories. While the higher-priced end of home sales dragged, the balance of the market remained strong. The Houston Association of Realtors reported Houston home sales decreased 2% from last January's record pace. With near historic-high levels of home sales, listing inventory remains tight.
According to the January 2016 MLS Report released on February 10, 20161:
“The most noticeable impact has been declines in the luxury market, but mid-range housing actually saw a healthy sales volume in January...” said HAR Chairman Mario Arriaga
January 2016 had a total of 4,024 sales vs 4,109 in January 2015.
The average home price in January reached $262,663, an all-time high for January sales.
The Economy at a Glance2 :
As the oil & gas industry stabilizes and returns, Houston will be well positioned to experience robust growth. Should you have any questions, please feel free to contact our office at (713) 535-2250.
McAlister Investment Real Estate
1. MLS Report: http://www.har.com/content/newsroom
2. Greater Houston Partnership: The Economy at a Glance: http://www.houston.org/economy/archives/