Houston housing market Comparison

December Monthly Market Comparison(HAR Report):

The Houston housing market generated positive readings across the board in December with the exception of active listings and inventory. Single-family home sales, total property sales, total dollar volume and pricing were all up compared to December 2019. Month-end pending sales for single-family homes totaled 7,469, an increase of 40.5 percent versus one year earlier. Total active listings, or the total number of available properties, fell 28.6 percent from a year earlier to 26,821.

Single-family homes inventory narrowed dramatically from a 3.2-months supply to 1.9 months. For perspective, housing inventory across the U.S. currently stands at a 2.3-months supply, according to the latest National Association of Realtors (NAR) report.

Houston Housing market

(HAR Report):Sales increased each month for the remainder of 2020, but without new listings to backfill that supply, inventory by year’s end was down to its lowest level in history – a 1.9-months supply. Months of inventory estimates the number of months it will take to deplete current active inventory based on the prior 12 months sales activity. A 6.0-months supply has traditionally been considered to constitute a “balanced market.”

New real estate records were set throughout the year, with July going down as Houston’s greatest one-month sales volume of all time – 10,815 single-family units sold. A record high average price of $347,164 and record high median price of $273,443 were achieved in December.

By the time the books were closed on December transactions, a record 96,151 single-family homes had sold across greater Houston in 2020. That represents an increase of 10.5 percent from the previous record of 86,996 in 2019.

On a year-to-date basis, the average price rose 5.9 percent to $324,069 while the median price increased 6.1 percent to $260,000. Total dollar volume for full-year 2020 jumped 18.1 percent to a record-setting $35.3 billion.

Houston Housing market

2020 Annual Market Comparison(HAR Report)

The Houston real estate market entered 2020 carrying positive momentum from 2019, but faced shrinking inventory resulting from a combination of brisk sales and a dwindling supply of new listings. There were also lingering concerns about possible fallout from widespread layoffs within the energy industry. Nevertheless, sales held to positive territory for the first three months of the year until the COVID-19 pandemic struck, sending sales volumes plummeting in April and May as stay-at-home orders temporarily halted real estate activity. The designation of real estate as an ‘essential service’ and HAR’s rollout of virtual technology that enabled consumers to remotely tour listed properties helped the market stage a turnaround in June

Houston single family homes

HAR Report: Single-family home sales for the month of December jumped 25.5 percent compared to December 2019. The strongest sales activity took place among homes priced between $500,000 and $750,000, which rocketed 80.8 percent. The luxury market, consisting of homes priced at $750,000 and up, came in second place, climbing 54.0 percent. That was followed by homes in the $250,000 to $500,000 range, which rose 44.6 percent.

Prices of single-family homes established new December highs. The median price – the figure at which half of the homes sold for more and half sold for less – rose 8.7 percent to $273,443 while the average price rose 11.4 percent to $347,164..

Houston Housing market

According to HAR’s 2020 annual market report, single-family home sales rose 10.5 percent to 96,151. Sales of all property types for the year totaled 115,523. That represents an 11.6-percent increase over 2019’s record volume and marks only the second time in history that total property sales broke the 100,000 level. Total dollar volume for 2020 shot up 18.1 percent to a record-breaking $35.3 billion.

“When the coronavirus pandemic struck, we expected the real estate business to hit a brick wall and never fathomed the possibility of 2020 becoming a record year for the Houston market,” said HAR Chairman Richard Miranda with Keller Williams Platinum. “HAR worked closely with elected officials to secure the ‘essential service’ designation for real estate, which cleared the way for our hard-working Realtor members to help consumers find the homes they needed. HAR’s virtual open house and virtual showing technology proved invaluable in enabling consumers to safely tour the properties that interested them. As we enter 2021, we find ourselves in critical need of inventory if we are to sustain a healthy pace of home sales,” added Miranda.

Houston Housing market

HOUSTON, HAR Report — (January 13, 2021) — Not even a devastating global pandemic could stop the Houston real estate market from shattering records as it crossed the finish line for the 2020 calendar year. Single-family home sales surpassed 2019’s record volume by more than 10 percent, even as the supply of homes withered to the lowest levels of all time.

Stay-at-home orders resulting from the COVID-19 outbreak interrupted local real estate activity during March and April. However, the designation of real estate as an ‘essential service’ shortly thereafter enabled Realtors to resume working with would-be homebuyers looking to take advantage of historically low mortgage interest rates. Realtors also assisted consumers seeking rental properties across the greater Houston area. Even as stay-at-home orders were eventually lifted, virtual technology developed by the Houston Association of Realtors (HAR) made it possible for consumers to attend open houses and property showings remotely, without putting their health at risk. By the time 2020 was over, April and May emerged as the only negative sales months, as the market rebounded over the summer and gained momentum each month for the rest of the year.

Houston real estate Highlights

Houston Real Estate Highlights in November(HAR Report):

• Single-family home sales increased for a sixth consecutive month, surging 25.6 percent year-over-year with 7,990 units sold;

• The Days on Market (DOM) figure for single-family homes dropped from 59 to 46;

• Total property sales shot up 28.1 percent with 9,660 units sold;

• Total dollar volume jumped 43.9 percent to $3.1 billion;

• The single-family average price achieved a record high, rising 15.0 percent to $341,765;

• The single-family median price climbed 12.0 percent to $270,000 – the second highest median price of all time;

• Single-family homes months of inventory registered a 2.2-months supply, down from 3.6 months last November and below the national inventory of 2.5 months;

• Townhome/condominium sales jumped 23.4 percent with the average price up 2.5 percent to $224,130 and the median price up 11.8 percent to $190,000;

• Single-family home rentals fell 11.1 percent with the average rent down 5.5 percent to $1,882;

• Townhome/condominium leases declined 4.0 percent with the average rent up 11.5 percent to $1,674.

Houston Housing days in the market

HAR Report: Days on Market (DOM), or the number of days it took the average home to sell, fell from 59 to 46. With fewer new listings entering the market, inventory registered a 2.2-months supply compared to 3.6 months a year earlier and is at historically low levels. It is also below the current national inventory level of 2.5 months recently reported by NAR.

Broken out by housing segment, November sales performed as follows:

  • $1 - $99,999: decreased 38.5 percent

  • $100,000 - $149,999: decreased 37.0 percent

  • $150,000 - $249,999: increased 7.4 percent

  • $250,000 - $499,999: increased 50.3 percent

  • $500,000 - $749,999: increased 72.2 percent

  • $750,000 and above: increased 88.4 percent

HAR also breaks out sales figures for existing single-family homes. Existing home sales totaled 6,378 in November, up 27.5 percent compared to the same month last year. The average sales price jumped 20.0 percent to $339,607 while the median sales price climbed 17.4 percent to $264,250.

Houston for sale/rent single family homes

Single-Family Homes Update(HAR Report)

Single-family home sales soared 25.6 percent in November with 7,990 units sold throughout the greater Houston area compared to 6,359 a year earlier. On a year-to-date basis, sales are outpacing last year’s record volume by 9.0 percent. Strong sales volume among homes in the high end of the market once again pushed pricing upward. The single-family home average price hit a record high, climbing 15.0 percent to $341,765. The median price reached the second highest level of all time, rising 12.0 percent to $270,000.