According to the most recent report from Altos Research, the real estate market in Houston experienced increases in both median home values and inventory during April.
The report surveys the home markets in 26 major metropolitan areas to reveal trends among regions. Regarding median home prices, San Francisco experienced the greatest increase, as its average jumped by 4.87 percent, while San Jose was second with 4.32 percent. Houston's average settled at $213,676 during April, a 1.79 percent month-over-month increase and a 2.34 percent jump from the previous three months. Only two regions suffered decreases month-over-month - New York and Las Vegas.
Regarding inventory, Houston's market jumped 6.78 percent, with 35,715 properties available in the region during April. The figure is a 7.67 percent increase from the previous three months. Overall, the national inventory increased by 11.45 percent with Boston leading the way with 19.18 percent more properties available. San Francisco, Austin, Washington, D.C. and Philadelphia rounded out the top five.
With a higher median price, more inventory available and more jobs being added, Houston's real estate market is set to improve significantly during the next several months.
Courtesy of 2M Realty News