On Tuesday, HAR released the latest figures for the Houston Real Estate market activity during the month of April and as it's often been the case in the last year or so, the numbers were pretty mixed.
After three consecutive months of drops in the Median Sales Price, prices have stabilized. That's great news! In addition, there are fewer active listings on the market for sale now than there were a year ago. In other words we're looking at some of the healthiest inventory levels in the country. In April, it would take 6.1 months to sell all the existing inventory at the current rate of sales. In comparison, areas like Arizona and Florida have long been sporting absoprtion rates well in the double figures.
Total number of sales continue their ongoing slide that started a year and a half ago. This is primarily due to a slower economy, tightened credit markets and stricter loan qualification requirements. Number of pending sales is also down - an indication that the end to slower sales is not quite here yet.
To Sum it Up
Numbers for April were definitely mixed but leaning closer to positive with stabilizing sales prices and goodlooking inventory levels. Increasing oil prices are also sure to give a boost to local economy and therefore to the demand for homes.
To see a video analysis head on over to ErionHouston.com