HOME PRICE SURVEY HoustonChronicle @HoustonChron Houston Chronicle | Sunday, April 17,2016 |HoustonChronicle.com and Chron.com Section N xx Data compiled and analyzed by the Houston Association of Realtors RESORT-STYLE FUN THE MANSION MARKET ZEROING IN Now appearing at master-planned communities: The pace of growth has slowed, but plenty of Did your neighborhood’s home values go up? lifestyle directors and fancy sports facilities. luxury homes are still being bought and sold. Check out the numbers for your area. Page N2 Pages N10-11 Pages N12-20 Hot housing market coolsoff OVERVIEW: The area’s median price climbs BUYERS: Ownership rates in the Houston area even as sales activity enters a slower phase and across the nation slip as trends converge By Erin Mulvaney ton Association of Realtors By Erin Mulvaney Military or Montrose. from 2015 suggest the market “I could probably buy a tfirstglance,2015wasa and the economy are holding loyd Pullappallil works house in the suburbs, but I like Astrong year for real es- steady in certain neighbor- for a homebuilder, mar- living in town,” Pullappallil tate in Houston. Pric- Lketing homes in a local hoods and communities, even says. “I should have bought a es shot up. The inventory of as the overall numbers under- master-planned community. place in town 10 years ago, but homes on the market remained score the importance of the oil But while it’s his job to per- I didn’t. And now, the price is low. In many neighborhoods, it and gas industry here. suade people to buy houses, too high, and I am not in the po- was still a seller’s market. “This is the best oil down- he’s not ready to take the sition to buy something inside But tumbling oil prices sent a turn Houston’s ever seen,” said plunge himself. the Loop.” chill, particularly in the second Ted Jones with Stewart Title The 36-year-old Houston He’s hardly alone. Houston’s half of the year, through what and former Houston Asso- native has always rented, al- real estate market, historically had been in recent years a red- ciation of Realtors’ chairman. ways inside Loop 610, and he a bounty of affordable options hot market. Things could still “Things are looking a lot better currently pays $2,100 a month for first-time or middle-income slowfurther,butsomerealestate than anyone thought.” for a two-bedroom apartment buyers, has jumped in price. observers say what happened Across the Houston region, near Washington Avenue. Few areas inside Loop 610, be- over the last year may have been which includes Harris, Mont- He says he cannot afford tween the Loop and Beltway 8, anecessarycool-down. gomery, Fort Bend, Brazoria to buy a house where he’d and even many suburbs have Data provided by the Hous- Slowdown continues on N6 like in, say, the Heights, Rice Houston area continues on N7 ›› Find interactive maps and delve into the data with a searchable database. HoustonChronicle.com/HomePrice Gladys Ramirez Illustration/HoustonChronicle N6 | Sunday, April 17, 2016 | Houston Chronicle | HoustonChronicle.com and chron.com xx HOME PRICE SURVEY Slowdown showed up during fall of last year Slowdown from page N6 Greater Houston and Galveston coun- One-year median price ties, sales of single-fam- appreciation: 6.5 percent ily homes last year were increase to $212,000 down just 2 percent. That’s not bad, considering that Five-year median price 2014 was a record year appreciation: 37 percent for home sales, said Jim increase from $155,000 in Gaines, chief economist 2011 with the Real Estate Cen- Sales, 2014 to 2015: ter at Texas A&M Univer- 2 percent decrease sity. Sales, 2011 to 2015: “Energy was going 38 percent increase gangbusters, and the region was in a boom since 2011,” Gaines said, adding that last year “was the predicted the market will first of the years that the move back into balance increase dropped off just a this year. little bit. But it still counts Already there are hints as a boom year. It’s just not of a slowdown at the high- the peak of the boom.” er end of single-family The median price for a home sales and in condo home in the region jumped and townhome sales, more than 6 percent from which are more volatile 2014,to$212,000, according and sensitive to the eco- to Houston Association nomic changes. of Realtors data. That is “What is happening twice the historical average is if you are selling your increase of 3 percent. house, you might not get Inventory overall was the price you thought a three-month supply. you’d get a year ago,” Jones Roughly six months of said. “Jobs are absolutely supply is considered at everything in the demand equilibrium. for real estate.” In Harris County, The latest seasonally home sales were down adjusted figures show the Steve Gonzales / Houston Chronicle nearly 4 percent, and greater Houston area lost Among League City’s subdivisions is Marina del Sol. League City saw a 47 percent increase in sales from 2011 the median price was up 2,600 jobs in March. to 2015, according to the Houston Association of Realtors. 6 percent. Inventory was The outlook for the area also at three months. In is for continued slower Montgomery County, growth from previous home sales increased years. Layoffs continue in 2 percent, and the price the oil and gas industry. increased almost 4 percent. “Most people have the There were 4.2 months of perception that Houston inventory. In Fort Bend, began hemorrhaging im- home sales were down mediately,” Jones said. 2 percent, and the median This is not the case, he price increased 3 percent. said, adding that the pet- Inventory also stood at rochemical and health three months. care industries have so far “It’s a very tight market helped make up for job everywhere,” Gaines said. losses in oil and gas. Steve Gonzales / Houston Chronicle James Nielsen / Houston Chronicle Gaines said the strong Still, the high end of the Pearland has seen a one-year home price apprecia- The Montrose area has seen an 8 percent home price first half of the year market may be overbuilt, tion of 10 percent to $239,894. increase to $638,000 in the last year. reflected the ongoing Jones said, citing high in- effect of previous growth. ventory levels. “Part of what happened “We’re getting to a place was the sheer momentum where we are saturating that had been built up,” he the market,” Jones said. said. “Population growth “It’s all high-end.” was extremely high. For For single-family four or five years, we homes priced at $1 mil- had a train coming down lion and up, there is the track. Then we hit nearly 12 months worth 2015, and the (oil) price of inventory, Jones started declining, but the said. That means there momentum built up prior are a lot of options out was still moving forward.” there at a time when there Signs of a real estate may be fewer high-end slowdown didn’t take root buyers. until the fall. Sales have “Other than actual oil now been down five of the and gas business and re- last six months, although lated business, the Hous- thousands of homes are ton economy is doing still selling each month. well,” Jones said. “But that Gaines said the is a major component of imbalance of supply the economy.” Houston Chronicle versus the number of Home sales in The Michael Ciaglo / Houston Chronicle homes being bought [email protected] Woodlands fell 8.5 Houses are being added in Baytown’s Springfield Estates. A boom in forced prices upward. He twitter.com/erinmulvaney percent from 2014 to 2015. petrochemical plant construction is helping to propel Baytown’s housing market. Snapshots of regional market areas NORTH SOUTHEAST SOUTH WEST Example: The Woodlands Example: League City Example: Pearland Example: Energy Corridor One-year price appreciation: 7 percent One-year price appreciation: 8 percent One-year price appreciation: 10 One-year price appreciation: 8 percent increase to $378,000 increase to $230,520 percent increase to $239,894 increase to $345,000 Five-year price appreciation: 35 percent Five-year median price appreciation: Five-year median price appreciation: Five-year median price appreciation: increase from $280,000 in 2011 29 percent increase from $179,000 in 2011 36 percent increase from $175,975 in 33 percent increase from $260,000 in Sales, from 2014 to 2015: 8.5 percent Sales, from 2014 to 2015: 1 percent 2011 2011 decrease decrease Sales, 2014 to 2015: 0.6 decrease Sales, 2014 to 2015: 18 percent decrease Sales, from 2011 to 2015: 2.6 percent Sales, from 2011 to 2015: 47 percent Sales, 2011 to 2015: 41 percent Sales, 2011 to 2015: 16 percent increase increase increase increase At a glance: The boom in oil prices At a glance: The Woodlands has grown At a glance: This waterfront city has At a glance: The commute down brought growth to these western over its 40-year history into a thriving slowly been catching on for buyers in the Texas 288 may sometimes be a pain subdivisions, with homes built for energy center for business, homes and retail Houston region for years. League City for Pearland residents, but employees workers at a range of prices and housing opportunities. The good news is that has become a community for workers at from around the Houston region still types. With oil prices in decline, the days many of the amenities and areas for the University of Texas Medical Branch seem to be drawn to this southbound of houses selling with multiple offers on new restaurants and retail are open and Galveston and other health care providers, city.