News
Lease Property Update(HAR Report):
Consumers showed more interest in homes for sale than in lease properties in February. Leases of single-family homes fell 26.1 percent year-over-year while leases of townhomes and condominiums dropped 15.7 percent. The average rent for single-family homes increased 8.7 percent to $1,924 while the average rent for townhomes and condominiums increased 1.9 percent to $1,637.
HAR Report: “The Houston housing market showed resiliency again last month, coming through strong despite the brutal winter storm that caused widespread power outages, property damage and briefly held up transactions and showings,” said HAR Chairman Richard Miranda with Keller Williams Platinum. “As we head into spring, we urgently need more listings to enter the marketplace or we risk having extremely limited inventory for consumers that want to buy a home now, especially with the prospect of rising mortgage interest rates.”
The 30-year fixed-rate mortgage rose above 3 percent for the first time in seven months last week. According to Freddie Mac, the 30-year fixed-rate average climbed to 3.02 percent. It was 2.97 percent a week earlier and 3.29 percent a year earlier. The last time it was above 3 percent was in July of 2020.
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 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.
Townhouse/Condominium Update(HAR Report):
Sales of townhouses and condominiums increased for the fifth straight month in January, rising 12.5 percent with 458 closed sales versus 407 a year earlier. The average price rose 12.4 percent to $211,188 and the median price shot up 17.0 percent to $175,500. Inventory fell from a 3.8-months supply to 3.4 months.
(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.
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.”
