HOUSTON, HAR Report — (January 13, 2021) — Not even a devastating global pandemic could stop the Houston real estate market from shattering records as it crossed the finish line for the 2020 calendar year. Single-family home sales surpassed 2019’s record volume by more than 10 percent, even as the supply of homes withered to the lowest levels of all time.
Stay-at-home orders resulting from the COVID-19 outbreak interrupted local real estate activity during March and April. However, the designation of real estate as an ‘essential service’ shortly thereafter enabled Realtors to resume working with would-be homebuyers looking to take advantage of historically low mortgage interest rates. Realtors also assisted consumers seeking rental properties across the greater Houston area. Even as stay-at-home orders were eventually lifted, virtual technology developed by the Houston Association of Realtors (HAR) made it possible for consumers to attend open houses and property showings remotely, without putting their health at risk. By the time 2020 was over, April and May emerged as the only negative sales months, as the market rebounded over the summer and gained momentum each month for the rest of the year.