2021 Annual Market Comparison(HAR Report):
Achieving a record year in 2020, despite the many obstacles created by the coronavirus pandemic, offered no assurances that conditions would remain favorable for real estate in 2021. But the market carried the positive momentum forward into the new year with inventory peaking at a 1.8-months supply in August amid a backdrop of continued strong sales and dwindling new listings. Supply gradually began to taper each month after, ending the year at a 1.4-months supply – the second lowest of 2021. Consumers interested in new homes faced their own challenges in 2021 as supply chain interruptions and a shortage of construction laborers resulted in some home building delays.
June was the strongest month of the year for sales with 10,642 single-family units sold – the second greatest volume of all time. That same month, the market set a new record average price of $393,263. The greatest sales volume decline (6.7 percent) of 2021 occurred in July, but it was a bit of an anomaly. Sales were actually strong, but could not rival the surge in closings taking place that same month in 2020 as transactions that were stalled due to COVID-related lockdowns finally pushed through. October and December were also negative months for sales.
By the time the books were closed on December transactions, a record 106,229 single-family homes had sold across greater Houston in 2021. That represents an increase of 10.3 percent from the previous record of 96,271 in 2020.