HOUSTON — (March 13, 2024)/HAR Report — With an uptick in home sales and expanding inventory, the Houston real estate market’s positive momentum in February brings an optimistic outlook for the spring homebuying season.
According to the Houston Association of Realtors’ (HAR) February 2024 Market Update, single-family home sales across the Greater Houston area rose 7.6 percent. That is only the third increase in the past year. The first was in November 2023 when sales were up 5.2 percent. The Houston Multiple Listing Service (MLS) recorded sales of 6,221 units compared to 5,781 in February 2023. Months supply of homes climbed from 2.5 to 3.4.
The high end of the market saw the strongest performance in February. Home sales in the luxury segment ($1 million+), which represents just 3.5 percent of all homes on the market, surged 48.0 percent year-over-year. That was followed by the segment that consisted of homes priced between $500,000 and $1 million which rose 18.3 percent year-over-year. Only homes priced between $150,000 to $250,000 saw declines during the month. Rentals of single-family homes continued to hold strong in February. HAR will publish its February 2024 Rental Home Update on Wednesday, March 20.