Single-family home sales rose in February, with 5,260 units sold throughout greater Houston. That is up 5.3 percent from a year earlier when sales volume totaled 4,997. After three consecutive months of declining sales volume, the luxury market – defined as homes priced from $750,000 and up – was flat in February.
The median price reached the highest level ever for a February in Houston, increasing 1.4 percent to $226,200. The average price rose a fractional 0.4 percent, which was sufficient to achieve a February record of $281,945.
Days on Market (DOM), or the number of days it took the average home to sell, decreased slightly from 67 to 65 days. Inventory fell from a 3.4-months supply to a 3.2-months supply year-over-year, its lowest level since December 2017.
Broken out by housing segment, February sales performed as follows:
- $1 - $99,999: decreased 2.8 percent
- $100,000 - $149,999: decreased 11.8 percent
- $150,000 - $249,999: increased 10.9 percent
- $250,000 - $499,999: increased 10.2 percent
- $500,000 - $749,999: increased 18.8 percent
- $750,000 and above: unchanged