When 2015 segued to 2016, home sales had been on the decline as plummeting oil prices and energy layoffs sparked jitters throughout the Houston economy. But the housing market demonstrated resiliency, with sales up during all but three months of 2016. By the end of December, a record 76,449 single-family homes had sold. That represents an increase of 3.0 percent from 2015 and is up 1.3 percent from the previous record of 75,470 home sales set in 2014.
On a year-to-date basis, the average price rose 1.1 percent to $283,133 while the median price increased 4.5 percent to $221,500. Total dollar volume for full-year 2016 rose 4.2 percent to $24.5 billion
The greatest one-month sales volume of 2016 was recorded in August, with 7,920 single-family home sold. By contrast, the lightest one-month sales volume took place in January with 4,011 sales.
Months inventory began the year at a 3.3-months supply, and while it grew to a 4.0-months supply over the summer, it ended 2016 back at a 3.3-months supply. Months of inventory estimates the number of months it will take to deplete current active inventory based on the prior 12 months sales activity.
|CATEGORIES||FULL-YEAR 2015||FULL-YEAR 2016||CHANGE|
|Single-family home sales||74,174||76,449||3.0%|
|Total property sales||89,296||91,520||2.2%|
|Total dollar volume||$23,559,111,514||$24,546,840,733||4.2%|
|Single-family average sales price||$280,290||$283,133||1.1%|
|Single-family median sales price||$212,000||$221,000||4.5%|