HOUSTON HAR Report— (August 12, 2020) — A continued surge in closings from homes that went under contract after the lifting of COVID-19 stay-at-home measures propelled Houston real estate into record territory in July – surpassing June’s stronger-than-expected performance. However, a dwindling supply of homes caused by the burst of homebuying and home sellers holding back amid the ongoing COVID-19 crisis will make it difficult to keep up with the strong buyer demand.
According to the latest Houston Association of Realtors (HAR) Market Update, 10,975 single-family homes sold in July compared to 8,921 a year earlier. That translated to a 23.0 percent increase. That is a record sales volume for a single month and marks the first time that figure has surpassed 10,000.