(HAR Report):Sales increased each month for the remainder of 2020, but without new listings to backfill that supply, inventory by year’s end was down to its lowest level in history – a 1.9-months supply. Months of inventory estimates the number of months it will take to deplete current active inventory based on the prior 12 months sales activity. A 6.0-months supply has traditionally been considered to constitute a “balanced market.”
New real estate records were set throughout the year, with July going down as Houston’s greatest one-month sales volume of all time – 10,815 single-family units sold. A record high average price of $347,164 and record high median price of $273,443 were achieved in December.
By the time the books were closed on December transactions, a record 96,151 single-family homes had sold across greater Houston in 2020. That represents an increase of 10.5 percent from the previous record of 86,996 in 2019.
On a year-to-date basis, the average price rose 5.9 percent to $324,069 while the median price increased 6.1 percent to $260,000. Total dollar volume for full-year 2020 jumped 18.1 percent to a record-setting $35.3 billion.