Houston Housing market

 HAR Report:“We are grateful for two consecutive months of strong activity across greater Houston, however we do not consider the current pace of home sales sustainable given the shrinking supply of homes and expect business to taper a bit this fall,” said HAR Chairman John Nugent with RE/MAX Space Center. “Historically low interest rates make this an outstanding time to buy a home, but without the inventory, there unfortunately isn’t much out there for consumers.”

Houston Housing market

HAR Report:Homes priced between $500,000 and $750,000 registered the greatest percentage increase, rocketing 51.9 percent compared to July 2019. The second-best performer was the luxury market – consisting of homes priced at $750,000 and above – which jumped 41.7 percent year-over-year.  Homes between $200,000 and $500,000, the range in which the largest number of homes sell, also saw substantial increases over last year.

The combined strength in the high-end and mid-range markets pulled average and median pricing up to historic levels. The single-family home median price rose 8.7 percent to $271,830 while the average price climbed 8.5 percent to $338,350. Year-to-date sales are now 2.7 percent ahead of 2019’s record pace.

Sales of all property types totaled 13,043 – another record high – up 25.0 percent from July 2019. Total dollar volume for the month leapt 33.8 percent to $4.1 billion. Consumers also sent lease properties into positive territory in July.

Houston Housing market

HOUSTON HAR Report— (August 12, 2020) — A continued surge in closings from homes that went under contract after the lifting of COVID-19 stay-at-home measures propelled Houston real estate into record territory in July – surpassing June’s stronger-than-expected performance. However, a dwindling supply of homes caused by the burst of homebuying and home sellers holding back amid the ongoing COVID-19 crisis will make it difficult to keep up with the strong buyer demand.

According to the latest Houston Association of Realtors (HAR) Market Update, 10,975 single-family homes sold in July compared to 8,921 a year earlier. That translated to a 23.0 percent increase. That is a record sales volume for a single month and marks the first time that figure has surpassed 10,000.

Houston Housing market highlights

Houston Real Estate Highlights in June(HAR Report)

  • Single-family home sales rebounded from two consecutive monthly declines, jumping 15.7 percent year-over-year with 9,328 units sold;

  • The Days on Market (DOM) figure for single-family homes grew from 50 to 56 days;

  • Total property sales soared 18.3 percent with 11,153 units sold;

  • Total dollar volume climbed 15.1 percent to $3.3 billion;

  • The single-family home median price set a new record high of $262,000 as it rose 3.6 percent year-over year;

  • The single-family home average price declined 0.6 percent to $319,881;

  • Single-family homes months of inventory was at a 3.2-months supply, down from 4.3 months last June and below the national inventory level of 4.8 months;

  • Townhome/condominium sales reversed three monthly declines, rising 1.9 percent, with the average price down 5.4 percent to $212,216 and the median price down 1.8 percent to $174,350;

  • Single-family home rentals jumped 15.3 percent with the average rent down 1.0 percent to $1,906;

  • Volume of townhome/condominium leases was unchanged with the average rent up 7.9 percent to $1,731.

Houston townhouse/condominium for sale

Townhouse/Condominium Update(HAR Report)

Townhome and condominium sales rebounded from three straight months of declines, rising 1.9 percent versus June 2019. A total of 590 units sold compared to 579 one year earlier. The average price tumbled 5.4 percent to $212,216 and the median price fell 1.8 percent to $174,350. Inventory narrowed from a 4.8-months supply to 4.3 months.

Houston housing segment

HAR Report:Broken out by housing segment, June sales performed as follows:

  • $1 – $99,999: decreased 16.3 percent

  • $100,000 – $149,999: decreased 3.9 percent

  • $150,000 – $249,999: increased 9.8 percent

  • $250,000 – $499,999: increased 28.3 percent

  • $500,000 – $749,999: increased 18.6 percent

  • $750,000 and above: decreased 10.6 percent

Houston for sale/rent single family homes

Single-Family Homes Update(HAR Report)

Single-family home sales shot up 15.7 percent in June, with 9,328 units sold across greater Houston compared to 8,063 a year earlier. That reversed two straight monthly declines as a result of the COVID-19 pandemic with additional impact from the strained energy industry. On a year-to-date basis, sales now match last year’s record pace. The single-family home median price rose 3.6 percent to an all-time high of $262,000 while the average price decreased a fractional 0.6 percent to $319,881.

Houston housing market Comparison

June Monthly Market Comparison(HAR Report)

Pent-up demand resulting from coronavirus-related stay-at-home orders in March and April helped boost pending listings in May, paving the way for a surge in closings in June that drove sales volume up to levels typically seen in Houston over a COVID-free summer. Single-family home sales, total property sales and total dollar volume all rose compared to June 2019. Pending sales rocketed 39.3 percent, suggesting the likelihood of another strong sales month for July. Total active listings, or the total number of available properties, fell 17.5 percent.

With an ongoing slowdown in new listings to the marketplace and an increase in homes going under contract, single-family homes inventory shrank to a 3.2-months supply in June versus 4.3-months a year earlier. For perspective, housing inventory across the U.S. stands at a 4.8-months supply, according to the most recent report from the National Association of Realtors (NAR).