November Monthly Market Comparison(HAR Report)
Houston real estate registered its sixth consecutive month of positive sales in November, propelled by consumers taking advantage of historically low interest rates as they managed to find homes from among the most constrained inventory of all time.
On a year-to-date basis, the market is running 9.0 percent ahead of 2019’s record pace. Single-family home sales, total property sales and total dollar volume all increased compared to November 2019. Pending sales shot up 34.5 percent. However, total active listings – or the total number of available properties – fell 27.0 percent as new listings trickled onto the market.
The sluggish pace of new listings combined with another strong month of sales volume drove single-family homes inventory down to a 2.2-month supply compared to 3.6 months a year earlier. For November, new listings rose just 1.6 percent year-over-year. Housing inventory nationally stands at a 2.5-months supply, according to the National Association of REALTORS (NAR).