HAR Report: For months now, the lack of available homes below $250,000 has forced consumers to shop for homes at higher price points. In February, this tight sellers’ market pushed prices beyond the records set in 2021 to the highest levels of all time. The average price of a single-family home rose 13.4 percent to $395,871 while the median price increased 19.3 percent to $328,000.
Sales of all property types jumped 25.6 percent year-over-year, totaling 9,299, and total dollar volume for February soared 43.5 percent to $3.5 billion.
“Last year’s freeze may have distorted the February sales figures, but the fact remains that home sales throughout Houston continue to trend upward despite the challenges posed by limited inventory, record-setting pricing and rising interest rates,” said HAR Chair Jennifer Wauhob with Better Homes and Gardens Real Estate Gary Greene. “We are watching closely to see how the local housing market may be affected this month by surging oil prices and some of the other economic fallout of the Russia-Ukraine conflict.”