Houston Home Prices Continue Upward Track
Houston-area home values are up, while buyers have a bigger supply of homes from which to choose, according to Zillow's October market report.
Since Oct. 2015, home values in greater Houston rose 7.5 percent to a median of $175,800, according to the report. The study examines all homes in a market, regardless of whether they sold.
The local supply of houses for sale, meanwhile, rose 1.9 percent.
Houston homes saw a higher appreciation rate than the U.S., which gained more than 6 percent over the past year to a median of $191,200, according to Zillow.
Nationally, Zillow anticipates home prices will slow to 3 percent growth by next October, and that the market will shift toward buyers in 2018 or 2019.
Values of Dallas homes rose by more than twice the national appreciation rate, with prices gaining 12.3 percent to $198,900 since Oct. 2015.
Among 35 markets tracked, only Portland showed a higher appreciation rate, with values rising almost 15 percent to a median of $349,500 in October. Third-highest was Seattle, where the median value rose 12.2 percent to $409,900.
Home values in Austin rose 8.4 percent to $258,600 in October.
Rents in Houston are down 0.6 percent over the year to a median of $1,566 per month in October. That compares with an increase of 1.4 percent nationally to $1,402 per month.
Dallas rents rose 3.8 percent to $1,550, while the inventory of homes for sale there shrunk by 17.8 percent.
The supply of homes for sale across the country fell 6 percent in October compared with a year earlier, with Boston, Indianapolis and Kansas City, Mo., reporting the biggest drops.