February Monthly Market Comparison(HAR Report)
The Houston real estate market powered its way through a ninth consecutive month of sales gains in February, defying a destructive and disruptive winter storm, scant inventory and the ongoing coronavirus pandemic.
The monthly sales readings were positive across the board. Single-family home sales, total property sales and total dollar volume all rose compared to February 2020. Pending sales climbed 11.6 percent. However, total active listings – or the total number of available properties – fell 37.9 percent as fewer new listings entered the market.
A 27.8 percent year-over-year decline in new listings combined with another positive month of sales drove single-family homes inventory down to a 1.6-months supply compared to 3.3 months a year earlier. That is the lowest inventory level of all time. Housing inventory nationally also stands at an historic low – a 1.9-months supply, according to the National Association of Realtors (NAR)