HOUSTON —HAR Report (March 10, 2021) — The deadly and disruptive winter storm that left many Houston-area homes without power and water even after mild temperatures returned did little to chill local real estate in February. While the freak weather event delayed some closings due to plumbing-related repairs and property damage, sales of single-family homes rose for a ninth straight month. The increase was also achieved despite an ever-shrinking supply of homes and the first uptick in mortgage rates since last summer – all with the backdrop of the coronavirus pandemic.
According to the latest Houston Association of Realtors (HAR) Market Update, 6,049 single-family homes sold in February compared to 5,979 a year earlier. That translates to a 1.2 percent increase. Once again, luxury housing was the top-performing segment among homebuyers.
Homes priced at $750,000 and above surged 64.9 percent compared versus February 2020. That was followed by the $500,000 to $750,000 housing segment, which jumped 55.3 percent year-over-year. Pricing reached historic highs, with the single-family home average price rising 16.2 percent to $349,963 and the median price increasing 12.6 percent to $275,900.
Sales of all property types totaled 7,464 – up 1.9 percent from February 2020. Total dollar volume for the month rose 17.3 percent to $2.4 billion.