Houston Real Estate Market Trends – December and Full-Year 2016
Despite the slowdown that economists predicted as falling oil prices and resulting energy industry layoffs carried over from 2015, the Houston housing market held steady throughout 2016 and gained momentum in the final months of the year to set a new record for home sales. Homes priced at $500,000 and up, which experienced declining sales from August 2015 through October 2016 as a result of the energy slump, achieved an impressive turnaround with double-digit sales increases in November and December.
Single-family home sales in December reached a total of 6.628 sales – 5.3% higher than in December 2015. Inventory raised from a 3.2 months supply to 3.3 months and Housing inventory across the U.S. currently stands at a 4.0-months supply.
Houston Real Estate Highlights for December and Full-Year 2016
- 2016 was a record year for Houston home sales with 76,449 single-family homes sold versus 74,174 in 2015. That represents an increase of 3.0 percent. It is also 1.3 percent above the previous record sales volume of 75,470 set in 2014;
- Total dollar volume for 2016 rose 4.2 percent to $24.5 billion;
- December single-family home sales climbed 5.3 percent with 6,628 units sold;
- Total December property sales increased 5.1 percent to 7,868 units;
- At $225,903, the single-family home median price rose 2.7 percent to a December high;
- The single-family home average price increased 4.3 percent to $294,512, which was also the highest level for a December;
- Single-family homes months of inventory edged up to a 3.3-months supply;
Broken out by housing segment, December sales performed as follows compared to last year:
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