Houston Housing market

HOUSTON —HAR Report (March 10, 2021) — The deadly and disruptive winter storm that left many Houston-area homes without power and water even after mild temperatures returned did little to chill local real estate in February. While the freak weather event delayed some closings due to plumbing-related repairs and property damage, sales of single-family homes rose for a ninth straight month. The increase was also achieved despite an ever-shrinking supply of homes and the first uptick in mortgage rates since last summer – all with the backdrop of the coronavirus pandemic.

According to the latest Houston Association of Realtors (HAR) Market Update, 6,049 single-family homes sold in February compared to 5,979 a year earlier. That translates to a 1.2 percent increase. Once again, luxury housing was the top-performing segment among homebuyers.

Homes priced at $750,000 and above surged 64.9 percent compared versus February 2020. That was followed by the $500,000 to $750,000 housing segment, which jumped 55.3 percent year-over-year. Pricing reached historic highs, with the single-family home average price rising 16.2 percent to $349,963 and the median price increasing 12.6 percent to $275,900.

Sales of all property types totaled 7,464 – up 1.9 percent from February 2020. Total dollar volume for the month rose 17.3 percent to $2.4 billion.

Houston housing highlights

Houston Real Estate Highlights in January(HAR Report)

  • Single-family home sales increased for the eighth consecutive month, surging 27.7 percent year-over-year with 6,088 units sold;

  • The Days on Market (DOM) figure for single-family homes dropped from 69 to 48;

  • Total property sales shot up 27.5 percent with 7,519 units sold;

  • Total dollar volume jumped 42.8 percent to $2.3 billion;

  • The single-family average price reached a January high, rising 12.5 percent to $326,063;

  • The single-family median price climbed 12.1 percent to $263,500 – also a January high;

  • Single-family homes months of inventory registered a record low 1.8-months supply, down from 3.3 months before the pandemic and below the national inventory of 1.9 months;

  • Townhome/condominium sales rose 12.5 percent with the average price up 12.4 percent to $211,188 and the median price up 17.0 percent to $175,500;

  • Single-family home rentals fell 18.4 percent with the average rent up 6.0 percent to $1,889;

  • Townhome/condominium leases dropped 6.3 percent with the average rent up 0.9 percent to $1,607.

Houston Housing days in the market

(HAR Report): It took less time to sell a home than it did a year ago. Days on Market (DOM) fell from 69 to 48. With fewer new listings entering the market, inventory registered a record low 1.8-months supply compared to 3.3 months a year earlier. It is also just slightly below the current national inventory level of 1.9 months recently reported by NAR.

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

  • $1 - $99,999: decreased 32.4 percent

  • $100,000 - $149,999: decreased 23.2 percent

  • $150,000 - $249,999: increased 11.3 percent

  • $250,000 - $499,999: increased 61.9 percent

  • $500,000 - $749,999: increased 70.4 percent

  • $750,000 and above: increased 73.9 percent

HAR also breaks out sales figures for existing single-family homes. Existing home sales totaled 4,951 in January, up 32.2 percent compared to the same month last year. The average sales price jumped 15.2 percent to $321,430 while the median sales price climbed 15.9 percent to $255,000.

Houston for sale/rent single family homes

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.

Houston housing market Comparison

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).

Houston for Lease/rent single family homes

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.

Houston Housing market

(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 Housing market

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

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.