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The March Housing Market Update from the Houston Association of Realtors, released April 8, shows signs of stability and growth in the Houston housing market. Factors behind this stability include slowly falling house prices and sales gains in single-family homes and townhomes/condominiums.
The conditions: According to HAR, single-family home sales rose by 3.7% with 7,644 homes sold in March compared to the 7,369 sold last March. Home prices fell slightly as well by 1.5%, leveling to a median price of $333,000. Houses saw a slight increase in days on the market, rising to 67 days compared to 62 days last year. Total property sales across the Houston area grew by 3.6%, with 9,001 properties sold, and the number of active property listings rose by 8.8%, equaling 55,611.
What the experts say: HAR Chief Economist Ted C. Jones said the current state of the global economy has led to some instability in interest rates; however, the market has stabilized in comparison to last year.
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