News
Single-Family Homes Update(HAR Report)
Single-family home sales jumped 27.7 percent in January with 6,088 units sold across the greater Houston area compared to 4,769 a year earlier. 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 for a January, climbing 12.5 percent to $326,063. The median price also reached a January high, rising 12.1 percent to $263,500.
January Monthly Market Comparison(HAR Report)
Houston housing registered its eighth consecutive month of positive sales in January, fueled by consumers that continued to take advantage of historically low interest rates even as their options among available homes narrowed to the most constrained levels in Houston real estate history.
Single-family home sales, total property sales and total dollar volume all rose compared to January 2020. Pending sales shot up 34.5 percent. However, total active listings – or the total number of available properties – fell 31.3 percent as new listings trickled onto the market.
A 13.6 percent year-over-year decline in new listings coupled with another strong month of sales drove single-family homes inventory down to a 1.8-months supply compared to 3.3 months a year earlier. Housing inventory nationally stands at an historically low 1.9-months supply, according to the National Association of Realtors (NAR).
Lease Property Update(HAR Report)
The Houston lease market experienced a sluggish January. Leases of single-family homes fell 18.4 percent year-over-year while leases of townhomes and condominiums tumbled 6.3 percent. The average rent for single-family homes increased 6.0 percent to $1,889 while the average rent for townhomes and condominiums increased 0.9 percent to $1,607.
(HAR Report): Sales of all property types totaled 7,519 – up 27.5 percent from January 2020. Total dollar volume for the month surged 42.8 percent to $2.3 billion.
“The Houston real estate market carried the momentum of 2020 into the new year, however we believe that the current pace of sales is unsustainable without an infusion of new listings into the marketplace,” said HAR Chairman Richard Miranda with Keller Williams Platinum. “It’s our hope that as we move out of the winter months, more sellers will begin to put their homes on the market and help boost inventory to pre-pandemic levels.”
HOUSTON,HAR Report — (February 10, 2021) — Even as the supply of homes across the greater Houston area continues to shrink, homebuyers were out in force in January, snapping up properties that were still on the market and extending the breakneck momentum with which 2020 ended. The luxury housing segment drew the strongest sales activity during the first month of the new year, with homebuyers also driving brisk sales among mid-range homes.
According to the latest Houston Association of Realtors (HAR) Market Update, 6,088 single-family homes sold in January compared to 4,769 a year earlier. That accounted for a 27.7 percent increase and marked the eighth straight month of positive sales.
Homes priced at $750,000 and above rocketed 73.9 percent compared to January 2020. That was followed by the $500,000 to $750,000 housing segment, which jumped 70.4 percent year-over-year. Homes between $250,000 and $500,000, which comprise the market’s biggest share of sales, shot up 61.9 percent. The single-family home average price climbed 12.5 percent to a January high of $326,063 while the median price increased 12.1 percent to $263,500 – also a January high.
Houston Real Estate Highlights for December and Full-Year 2020(HAR Report):
Despite a devastating global pandemic, 2020 proved to be a record year for Houston real estate with 96,151 single-family homes sold versus 86,996 in 2019, the last record-setting year. That represents an increase of 10.5 percent;
Total dollar volume for full-year 2020 rose 18.1 percent to a record-setting $35.3 billion;
December single-family home sales jumped 25.5 percent year-over-year with 9,652 units sold;
Total December property sales increased 27.2 percent to 11,572 units;
Total dollar volume for December soared 39.3 percent to $3.9 billion;
At $273,443, the single-family home median price rose 8.7 percent, establishing a new record high;
The single-family home average price climbed 11.4 percent to an all-time high of $347,164;
Single-family homes months of inventory narrowed sharply to a record low 1.9-months supply;
Townhome/condominium sales rose 10.9 percent year-over-year with the average price unchanged at $227,856 and the median price down 2.7 percent to $180,000;
Leases of single-family homes fell 14.5 percent with average rent up 7.5 percent to $1,899;
Leases of townhomes/condominiums climbed 13.1 percent with average rent up 3.6 percent to $1,641.
Lease Property Update(HAR Report):
Houston’s lease market staged a mixed performance in December. Single-family home leases fell 14.5 percent while townhome/condominium leases rose 13.1 percent. The average rent for single-family homes was up 7.5 percent to $1,899 while the average rent for townhomes/condominiums was up 3.6 percent to $1,641.
Townhouse/Condominium Update(HAR Report)
Townhome and condominium sales staged a strong finish to a year that, as with all other housing types, experienced sharp declines in April and May as a result of the COVID-19 pandemic. December volume rose 10.9 percent with 659 units sold versus 594 a year earlier. The average price was statistically flat at $227,856 while the median price fell 2.7 percent to $180,000. Inventory dwindled from a 3.9-months supply to 3.3 months.
(HAR Report): Broken out by housing segment, December sales performed as follows:
$1 - $99,999: decreased 15.7 percent
$100,000 - $149,999: decreased 20.2 percent
$150,000 - $249,999: increased 13.2 percent
$250,000 - $499,999: increased 44.6 percent
$500,000 - $749,999: increased 80.8 percent
$750,000 and above: increased 54.0 percent
HAR also breaks out the sales figures for existing single-family homes. Existing home sales totaled 7,647 in December. That is up 31.6 percent versus the same month last year. The average sales price rose 14.2 percent to $340,400 while the median sales price increased 12.8 percent to $265,000.
December Single-Family Homes Update(HAR Report)
Single-family home sales totaled 9,652, a 25.5 percent increase from December 2019. That marked the seventh consecutive month that sales were on the rise. The median price rose 8.7 percent to an all-time high of $273,443. The average price increased 11.4 percent to $347,164 – another record-setting figure. Days on Market (DOM), or the number of days it took the average home to sell, dropped from 63 to 46.
