April Monthly Market Comparison(HAR Report):
With frenzied buying taking place at the high end of the market and inventory holding at its lowest level of all time, the Houston housing market achieved the eleventh straight month of positive sales in April. HAR again notes that some of the data in this report are distorted because the sales activity is being compared to April of 2020 when the real estate business was just ramping back up following COVID-related lockdowns.
April sales trends were largely positive. Single-family home sales, total property sales and total dollar volume all rose compared to April 2020. Pending sales shot up 72.4 percent. However, total active listings – or the total number of available properties – fell 42.9 percent with new listings dramatically outpaced by sales.
Despite a 26.8 percent year-over-year increase in new listings in April, strong buyer demand and surging sales dropped single-family homes inventory to a 1.4-months supply versus 3.4 months a year earlier. That is unchanged from last month’s level, which remains the lowest inventory of all time. Housing inventory nationally stands at a 2.1-months supply, according to the National Association of Realtors (NAR).