2020 Annual Market Comparison(HAR Report)
The Houston real estate market entered 2020 carrying positive momentum from 2019, but faced shrinking inventory resulting from a combination of brisk sales and a dwindling supply of new listings. There were also lingering concerns about possible fallout from widespread layoffs within the energy industry. Nevertheless, sales held to positive territory for the first three months of the year until the COVID-19 pandemic struck, sending sales volumes plummeting in April and May as stay-at-home orders temporarily halted real estate activity. The designation of real estate as an ‘essential service’ and HAR’s rollout of virtual technology that enabled consumers to remotely tour listed properties helped the market stage a turnaround in June