Houston Housing market

November Monthly Market Comparison(HAR Report)

Houston real estate registered its sixth consecutive month of positive sales in November, propelled by consumers taking advantage of historically low interest rates as they managed to find homes from among the most constrained inventory of all time.

On a year-to-date basis, the market is running 9.0 percent ahead of 2019’s record pace. Single-family home sales, total property sales and total dollar volume all increased compared to November 2019. Pending sales shot up 34.5 percent. However, total active listings – or the total number of available properties – fell 27.0 percent as new listings trickled onto the market.

The sluggish pace of new listings combined with another strong month of sales volume drove single-family homes inventory down to a 2.2-month supply compared to 3.6 months a year earlier. For November, new listings rose just 1.6 percent year-over-year. Housing inventory nationally stands at a 2.5-months supply, according to the National Association of REALTORS (NAR).

Houston for Lease/rent

Lease Property Update(HAR Report)

Houston’s lease property market staged a lackluster performance in November. Leases of single-family homes fell 11.1 percent year-over-year while leases of townhomes and condominiums tumbled 4.0 percent. The average rent for single-family homes declined 5.5 percent to $1,882 while the average rent for townhomes and condominiums increased 11.5 percent to $1,674.

Single family home for sale/rent report

HAR Report: The single-family home average price climbed 15.0 percent to an historic high of $341,765 while the median price increased 12.0 percent to $270,000 – the second highest level of all time. Year-to-date sales are currently 9.0 percent ahead of 2019’s record pace.

Sales of all property types totaled 9,660 – up 28.1 percent from November 2019. Total dollar volume for the month rose 43.9 percent to $3.1 billion. The lease market recorded an 11.1 percent decline in single-family housing while townhouse/condo leases fell 4.0 percent.

“In my 50 years in the real estate business, I have never seen a market defy supply and seasonality the way Houston has – amid a pandemic, no less,” said HAR Chairman John Nugent with RE/MAX Space Center. “It’s quite extraordinary to watch consumers take advantage of historically low interest rates and be able to choose their dream homes from among the tightest housing inventory this market has ever experienced.”

Houston Housing market

HOUSTON, HAR Report — Homes across the greater Houston area continued selling at a record pace despite historically low inventory, the start of the holiday season and the lingering coronavirus pandemic. A low supply of homes for sale and strong demand from homebuyers combined to push the average price to record territory. Once again, the high end of the market generated the strongest increase in consumer activity with mid-range homes also selling briskly.

According to the latest Houston Association of Realtors (HAR) Market Update, 7,990 single-family homes sold in November compared to 6,359 a year earlier. That translates to a 25.6 percent increase and marks the sixth straight month of positive sales.

Homes priced at $750,000 and above rocketed 88.4 percent compared to November 2019. That was followed by the $500,000 to $750,000 housing segment, which jumped 72.2 percent year-over-year. Homes between $250,000 and $500,000, which comprise the market’s biggest share of sales, shot up 50.3 percent.

Houston housing highlights

Houston Real Estate Highlights in October(HAR Report):

• Single-family home sales increased for a fifth consecutive month, surging 29.2 percent year-over-year with 9,287 units sold;

• The Days on Market (DOM) figure for single-family homes lowered from 59 to 47 days;

• Total property sales shot up 31.5 percent with 11,232 units sold;

• Total dollar volume jumped 46.1 percent to $3.5 billion;

• The single-family home median price climbed 11.1 percent to $266,685 – the highest median price for an October;

• The single-family home average price increased 12.4 percent to $334,996 – the highest average price for an October;

• Single-family homes months of inventory registered a 2.4-months supply, down from 3.8 months last October and below the national inventory level of 2.7 months. The last time inventory was that low was in December 2014;

• Townhome/condominium sales jumped 28.3 percent, with the average price up 10.8 percent to $220,326 and the median price up 8.2 percent to $178,000;

• Single-family home rentals fell 5.1 percent with the average rent up 6.2 percent to $1,907;

• Townhome/condominium leases jumped 11.0 percent with the average rent up 3.5 percent to $1,595.

Houston housing segment

(HAR Report): Broken out by housing segment, October sales performed as follows:

  • $1 - $99,999: decreased 32.7 percent

  • $100,000 - $149,999: decreased 27.4 percent

  • $150,000 - $249,999: increased 12.2 percent

  • $250,000 - $499,999: increased 52.5 percent

  • $500,000 - $749,999: increased 78.4 percent

  • $750,000 and above: increased 81.6 percent

HAR also breaks out sales figures for existing single-family homes. Existing home sales totaled 7,542 in October, up 32.0 percent compared to the same month last year. The average sales price rose 15.9 percent to $331,499 while the median sales price jumped 15.5 percent to $259,900.

Houston Housing market

(HAR Report): Days on Market (DOM), or the number of days it took the average home to sell, dropped from 59 to 47. Despite a 2.5 percent increase in new listings in September, inventory registered a 2.4-months supply compared to 3.8 months a year earlier and is near levels last seen almost six years ago, in December 2014. It is also below the current national inventory level of 2.7 months recently reported by NAR.

Houston for sale/rent single family homes

Single-Family Homes Update(HAR Report)

Single-family home sales soared 29.2 percent in October with 9,287 units sold throughout the greater Houston area compared to 7,187 a year earlier. On a year-to-date basis, sales are outperforming last year’s record volume by 7.7 percent. Strong sales volume in the upper segment of the market once again pushed pricing up. The single-family home median price rose 11.1 percent to $266,685 while the average price increased 12.4 percent to $334,996. Both figures are historic highs for an October.

Houston Housing market

(HAR Report): A continued slowdown of new listings entering the market combined with another vibrant month of sales sent single-family homes inventory down to a 2.4-month supply compared to 3.8 months a year earlier. The last time inventory dropped that low was in December 2014. For October, new listings rose just 2.5 percent year-over-year. Housing inventory nationally stands at a 2.7-months supply, according to the National Association of Realtors (NAR).