News
Single-Family Homes Update(HAR Report:
Single-family home sales rose 13.6 percent in June with 10,638 units sold across the greater Houston area compared to 9,362 a year earlier. Strong sales volume among homes at the high end of the market pushed pricing to levels that surpassed last month’s record-setting highs. The single-family home average price climbed 23.7 percent to $395,316 while the median price rose 20.0 percent to $314,500.
June Monthly Market Comparison(HAR Report):
Houston real estate achieved its thirteenth consecutive month of positive sales in June, with frenzied buying continuing to dominate the highest-priced segment of the housing market.
Overall June sales trends were positive. Single-family home sales, total property sales and total dollar volume all rose in comparison to June of 2020. Pending sales increased 3.1 percent. However, total active listings – or the total number of available properties – remain 31.3 percent lower than this time last year.
Single-family homes inventory reached a 1.5-months supply in June, down from 3.0 months a year earlier. However, that is the highest supply of homes in 2021 since February, with levels down to 1.4 months and 1.3 months in March and April, respectively. Housing inventory nationally stands at a 2.5-months supply, according to the National Association of Realtors (NAR).
Lease Property Update(HAR Report):
Consumer demand for lease properties waned in June as rent prices rose. Single-family lease homes fell 24.1 percent year-over-year while leases of townhomes and condominiums were unchanged. The average rent for single-family homes jumped 10.6 percent to a record $2,111 while the average rent for townhomes and condominiums increased 4.0 percent to $1,799, also a record.
(HAR Report): Sales of all property types totaled 13,090 – the greatest volume of all time. That is up 16.9 percent from June 2020. Total dollar volume for the month climbed 43.8 percent to a record-setting $4.8 billion.
“The Houston housing market is in overdrive right now, and we know anecdotally that out-of-town investors have contributed to the frenzy,” said HAR Chairman Richard Miranda with Keller Williams Platinum. “We saw similar investment activity following Hurricane Harvey, and within a few months, the market stabilized. We expect stability to return this time around, so anyone in the market for a home who is frustrated by current market conditions needs to be patient.”
HOUSTON — (July 14, 2021) HAR Report— Houston real estate held to record territory in June with buyers continuing to seize upon historically low interest rates as they purchased homes from among a limited supply. Despite the strong buying activity, the pace was slightly slower in the year-over-year comparison.
According to the latest Houston Association of Realtors (HAR) Market Update, single-family homes sales were up 13.6 percent compared to last June, with 10,638 units sold versus 9,362 a year earlier. That becomes the market’s thirteenth consecutive positive month of sales. On a year-to-date basis, home sales remain 25.9 percent ahead of 2020’s record pace.
Once again, homes priced from $750,000 and above dominated in sales volume with a 136.5 percent year-over-year increase. That was followed by the $500,000 to $750,000 segment, which soared 87.0 percent. The surge in high-dollar homebuying again pushed pricing to record-setting levels. The single-family home average price rose 23.7 percent to $395,316 and the median price increased 20.0 percent to $314,500.
Houston Real Estate Highlights in May(HAR Report):
Single-family home sales increased for the twelfth consecutive month, up a dramatic 48.2 percent year-over-year with 9,702 units sold;
The Days on Market (DOM) figure for single-family homes dropped from 58 to 34;
Total property sales rose 55.5 percent with 12,100 units sold – the second highest volume in history;
Total dollar volume increased 100.5 percent to $4.4 billion;
The single-family average price reached a new record high, rising 29.7 percent to $387,105;
The single-family median price rose 21.7 percent to $304,000 – also a record high;
Single-family homes months of inventory registered an historic low 1.4-months supply, down from 3.3 months year-over-year and below the national inventory of 2.4 months;
On a year-to-date basis, single-family homes sales are running 29.5 percent ahead of 2020’s record pace.
Townhome/condominium sales jumped 103.4 percent with the average price up 15.7 percent to $238,839 and the median price up 21.7 percent to a record high of $213,000;
Single-family home rentals fell 26.8 percent with the average rent up 10.6 percent to a record high $2,025;
Townhome/condominium leases declined 3.5 percent with the average rent up 8.5 percent to $1,716.
Townhouse/Condominium Update(HAR Report):
Sales of townhouses and condominiums increased for the ninth straight month in May, rocketing 103.4 percent with 840 closed sales versus 413 a year earlier. The average price rose 15.7 percent to $238,839 – the second highest average price of all time -- and the median price climbed 21.7 percent to a record-setting $213,000. Inventory fell from a 4.4-months supply to 2.6 months.
(HAR Report): The time it took to sell a home fell by more than three weeks versus May 2020. Days on Market (DOM) went from 58 to 34. Due to strong buyer demand and surging home sales, inventory registered a record low 1.4-months supply compared to 3.3 months a year earlier. That figure is unchanged from March 2021 and is below the current national inventory level of 2.4 months recently reported by NAR.
Broken out by housing segment, May sales performed as follows:
$1 - $99,999: decreased 34.7 percent
$100,000 - $149,999: decreased 31.5 percent
$150,000 - $249,999: decreased 6.5 percent
$250,000 - $499,999: increased 82.8 percent
$500,000 - $749,999: increased 166.0 percent
$750,000 and above: increased 291.0 percent
HAR also breaks out sales figures for existing single-family homes. Existing home sales totaled 7,975 in May, up 60.6 percent compared to the same month last year. The average sales price shot up 35.6 percent to $390,230 while the median sales price climbed 29.3 percent to $303,775 – both record prices.
Single-Family Homes Update(HAR Report):
Single-family home sales leapt 48.2 percent in May with 9,702 units sold across the greater Houston area compared to 6,546 a year earlier. Heavy sales volume among homes at the high end of the market propelled pricing to levels that broke last month’s record-setting highs. The single-family home average price climbed 29.7 percent to $387,105 while the median price rose 21.7 percent to $304,000.
May Monthly Market Comparison(HAR Report):
As frenzied buying continued to dominate high end housing, and inventory held to its lowest level of all time, the Houston real estate market scored its twelfth consecutive month of positive sales in May.
May sales trends were largely positive. Single-family home sales, total property sales and total dollar volume all rose when compared to May of 2020. Pending sales climbed 12.4 percent. However, total active listings – or the total number of available properties – fell 40.6 percent with sales still dramatically outpacing new listings, which increased just 1.3 percent year-over-year.
Single-family homes inventory was squeezed to a 1.4-months supply in May from 3.3 months a year earlier. Inventory has now held at 1.4-months for three straight months. Housing inventory nationally stands at a 2.4-months supply, according to the National Association of Realtors (NAR).
