Houston Housing market

HOUSTON —HAR Report (May 12, 2021) — Low interest rates inspired consumers to snap up high-end homes in April at a pace never before seen, sending prices to new highs while keeping home inventory at historic lows. It must be noted that, as in March, some figures contained in this latest housing report are distorted because they compare to the same month last year when real estate was just beginning its recovery from coronavirus-related lockdown orders that halted most of the business.

According to the latest Houston Association of Realtors (HAR) Market Update, single-family homes sales were up 47.4 percent compared to last April with 9,105 units sold versus 6,175 a year earlier. That represents the biggest one-month year-over-year sales volume increase of all time and is the market’s eleventh consecutive positive month of sales. On a year-to-date basis, home sales are 24.4 percent ahead of 2020’s record pace.

Homes priced from $750,000 and above led the charge in sales volume in April with a staggering 164.3 percent year-over-year surge. That was followed by the $500,000 to $750,000 segment, which soared 132.2 percent. With high-end homebuying overshadowing the marketplace, pricing climbed to new record levels. The single-family home average price rose 20.0 percent to $371,854 and the median price increased 17.6 percent to $295,000.

Houston Housing market Highlights

Houston Real Estate Highlights in March(HAR Report):

• Single-family home sales increased for the tenth consecutive month, up 24.4 percent year-over-year with 9,347 units sold;

• The Days on Market (DOM) figure for single-family homes dropped from 65 to 45;

• Total property sales shot up 31.5 percent with 11,692 units sold;

• Total dollar volume soared 55.8 percent to $4.0 billion;

• The single-family average price reached a record high, rising 19.9 percent to $370,847;

• The single-family median price climbed 16.0 percent to $290,000 – also a record high;

• Single-family homes months of inventory registered an historic low 1.4-months supply, down from 3.4 months year-over-year and below the national inventory of 2.0 months;

• On a year-to-date basis, single-family homes sales are running 16.9 percent ahead of 2020’s record pace.

• Townhome/condominium sales jumped 45.2 percent with the average price up 7.6 percent to $242,063 and the median price up 5.3 percent to $195,000;

• Single-family home rentals fell 17.9 percent with the average rent up 8.8 percent to $1,944;

• Townhome/condominium leases rose 5.7 percent with the average rent up 6.8 percent to $1,720

Houston for lease/rent single family homes

Townhouse/Condominium Update(HAR Report):

Sales of townhouses and condominiums increased for the seventh straight month in March, rocketing 45.2 percent with 790 closed sales versus 544 a year earlier. The average price increased 7.6 percent to $242,063 and the median price rose 5.3 percent to $195,000. Inventory fell from a 4.2-months supply to 2.9 months.

Houston Housing market

(HAR Report): Selling a home took significantly less time than it did a year ago. Days on Market (DOM) fell from 65 to 45. With fewer new listings entering the market, inventory registered a record low 1.4-months supply compared to 3.4 months a year earlier. That figure is slightly below the current national inventory level of 2.0 months recently reported by NAR.

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

• $1 - $99,999: decreased 25.9 percent

• $100,000 - $149,999: decreased 31.7 percent

• $150,000 - $249,999: decreased 7.8 percent

• $250,000 - $499,999: increased 50.7 percent

• $500,000 - $749,999: increased 96.8 percent

• $750,000 and above: increased 89.9 percent

HAR also breaks out sales figures for existing single-family homes. Existing home sales totaled 7,463 in March, up 29.1 percent compared to the same month last year. The average sales price jumped 21.4 percent to $364,037 while the median sales price climbed 21.2 percent to $285,000.

Houston for sale/rent single family homes

Single-Family Homes Update(HAR Report):

Single-family home sales rose 24.4 percent in March with 9,347 units sold across the greater Houston area compared to 7,511 a year earlier. Strong sales volume among homes at the high end of the market pushed pricing to record highs. The single-family home average price climbed 19.9 percent to $370,847 while the median price rose 16.0 percent to $290,000.

Houston housing market Comparison

March Monthly Market Comparison(HAR Report):

With frenzied buying at the high end and shrinking inventory in the mid-to-low end, the Houston real estate market managed to achieve its tenth straight month of positive sales in March, with some of the data distorted because it compares to March of 2020 when very little business took place as a result of COVID-19 lockdowns.

The monthly sales readings were mostly positive. Single-family home sales, total property sales and total dollar volume all rose compared to March 2020. Pending sales shot up 61.1 percent. However, total active listings – or the total number of available properties – fell 43.2 percent as fewer new listings came onto the market.

A 5.8 percent year-over-year decline in new listings combined with another strong month of sales drove single-family homes inventory down to a 1.4-months supply compared to 3.4 months a year earlier. That is the lowest inventory level of all time. Housing inventory nationally stands at a 2.0-months supply, according to the National Association of Realtors (NAR).

Houston for lease/rent single family homes

Lease Property Update(HAR Report):

Lease properties registered a mixed performance in March. Single-family lease homes fell 17.9 percent year-over-year while leases of townhomes and condominiums rose 5.7 percent. The average rent for single-family homes increased 8.8 percent to $1,944 while the average rent for townhomes and condominiums rose 6.8 percent to $1,720.

Houston Housing market

(HAR Report): Sales of all property types totaled 11,692 – up 31.5 percent from March 2020. Total dollar volume for the month shot up 55.8 percent to $4.0 billion.

“Several overlapping market forces propelled us to a strong finish in March, between a lack of low-to-mid-range housing and aggressive high-end buying by consumers taking advantage of historically low interest rates,” said HAR Chairman Richard Miranda with Keller Williams Platinum. “The inventory shortage is causing stress for many folks. Hopefully we begin to see an uptick in new listings sooner than later.”

According to the “Housing Investor Mania 2.0” report from John Burns Real Estate Consulting, 24 percent of all homes recently purchased in the Houston market were bought by investors.

Houston Housing market

HOUSTON — (HAR Report-April 14, 2021) — A shortage of available homes priced at $250,000 and below combined with frenzied shopping among high-end homes produced a surge in pricing when compared to a Houston housing market in the grips of a pandemic-related lockdown a year earlier, in March 2020. Record low interest rates continued to fuel the buying bonanza.

According to the latest Houston Association of Realtors (HAR) Market Update, single-family homes sales jumped 24.4 percent in March with 9,347 units sold versus 7,511 a year earlier. That marks the tenth straight positive month of sales. On a year-to-date basis, homes sales are running 16.9 percent ahead of 2020’s record pace.

Homes priced between $500,000 and $750,000 led the way in sales volume in March with a 96.8 percent year-over-year surge. That was followed by the luxury segment ($750,000 and above), which soared 89.9 percent. With high-end home shopping dominating the market, pricing was pushed to historic highs. The single-family home average price climbed 19.9 percent to $370,847 and the median price increased 16.0 percent to $290,000.

Houston real estate Highlights

Houston Real Estate Highlights in February(HAR Report):

• Single-family home sales increased for the ninth consecutive month, up 1.2 percent year-over-year with 6,049 units sold;

• The Days on Market (DOM) figure for single-family homes dropped from 68 to 48;

• Total property sales rose 1.9 percent with 7,464 units sold;

• Total dollar volume jumped 17.3 percent to $2.4 billion;

• The single-family average price reached a record high, rising 16.2 percent to $349,963;

• The single-family median price climbed 12.6 percent to $275,900 – also a record high;

• Single-family homes months of inventory registered an historic low 1.6-months supply, down from 3.3 months before the pandemic and below the national inventory of 1.9 months;

• Townhome/condominium sales rose 4.1 percent with the average price up 1.4 percent to $219,326 and the median price up 1.0 percent to $178,700;

• Single-family home rentals fell 26.1 percent with the average rent up 8.7 percent to $1,924;

• Townhome/condominium leases dropped 15.7 percent with the average rent up 1.9 percent to $1,637.