Spring has sprung, and they say it’s a great time of year to buy a home. According to the latest monthly report from the Houston Association of Realtors® (HAR), sales of single-family homes increased 4.9 percent in March, with 7,072 homes sold versus 6,740 in March of 2018.

Lower interest rates pushed fence-sitters into buying mode as single-family home sales rose nearly five percent in March compared to a year earlier. The strongest sales activity was recorded among homes priced between $250,000 and $500,000, followed closely by the luxury segment ($750,000 and above).

Once again, renters placed strong demand on single-family and townhome/condo leases across greater Houston. Housing inventory expanded to its highest level in five months, laying fertile ground for consumers as we move further into the spring buying season.

Prices of single-family homes reached record highs for a March. The median price (the figure at which half of the homes sold for more and half sold for less) rose 2.1 percent to $240,000 and the average price was up 2.0 percent at $298,766.

March sales of all property types totaled 8,475, up 3.6 compared to the same month last year. Total dollar volume for the month jumped 5.7 percent to $2.4 billion.

“Home sales are benefitting from some of the lowest interest rates in years, but we also continue to see tremendous strength in the rental segment, and with inventory growing steadily, the Houston real estate market looks solid,” said HAR Chair Shannon Cobb Evans with Heritage Texas Properties. “We are also encouraged by the Texas Workforce Commission’s latest report about a 2.4-percent increase in employment across metro Houston over the past year, which bodes well for housing.”

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If you're hoping to execute the ideal summer move, it's time to start house hunting in the spring. Be sure to view our inventory of move-in ready homes in Richmond!