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February Monthly Market Comparison(HAR Report):
February was a strong month for Houston real estate, despite year-over-year readings that were distorted by the interruption to real estate caused by the Arctic blast last February. Single-family home sales rose 22.9 percent year-over-year. When compared to the last “normal” February, in 2020, sales were up 23.3 percent. On a year-to-date basis, sales are running 15.4 percent ahead of 2021’s record pace.
Lease Property Update (HAR Report);
Houston’s lease market had a generally strong February, continuing to benefit from consumers that have postponed homebuying plans until the market provides a bigger and more affordable supply of housing. Single-family rental homes jumped 23.8 percent year-over-year. However, leases of townhomes and condominiums declined 1.0 percent. The average single-family rent rose 6.5 percent to $2,052 while the average rent for townhomes and condominiums increased 7.9 percent to $1,767.
HAR Report: For months now, the lack of available homes below $250,000 has forced consumers to shop for homes at higher price points. In February, this tight sellers’ market pushed prices beyond the records set in 2021 to the highest levels of all time. The average price of a single-family home rose 13.4 percent to $395,871 while the median price increased 19.3 percent to $328,000.
Sales of all property types jumped 25.6 percent year-over-year, totaling 9,299, and total dollar volume for February soared 43.5 percent to $3.5 billion.
“Last year’s freeze may have distorted the February sales figures, but the fact remains that home sales throughout Houston continue to trend upward despite the challenges posed by limited inventory, record-setting pricing and rising interest rates,” said HAR Chair Jennifer Wauhob with Better Homes and Gardens Real Estate Gary Greene. “We are watching closely to see how the local housing market may be affected this month by surging oil prices and some of the other economic fallout of the Russia-Ukraine conflict.”
HOUSTON /HAR Report— (March 9, 2022) — The Houston real estate market completed its second month of the new year in positive territory, despite soaring prices and evaporating inventory. Home sales scored double-digit gains in February, but part of the strong showing was because the statistics compared to last February, when that deadly Texas freeze halted real estate activity for days, and in some cases, even longer. Undistorted by the weather factor were the continued squeeze on inventory, which returned to its all-time low, and pricing, which due to limited supply and ongoing consumer demand, soared to record highs.
According to the Houston Association of Realtors’ (HAR) February 2022 Market Update, single-family home sales jumped 22.9 percent with 7,372 units sold compared to 5,997 in February of 2021. Compared to the last “normal” February – in 2020 – sales volume was up 23.3 percent. With fewer housing options available for purchase, consumers placed heavy demand on single-family rental homes in February.
Homes priced between $250,000 and $500,000 led the way in sales for the month, registering an 80.1 percent year-over-year gain. The $500,000 to $1 million housing segment came in second place, surging 72.3 percent. That was followed by the luxury market – consisting of homes priced at $1 million and above – which rose 33.5 percent.
Houston Real Estate Highlights in January(HAR Report):
Single-family home sales staged a strong open to the new year with January volume up 7.1 percent year-over-year;
Days on Market (DOM) for single-family homes dropped from 48 to 39;
Total property sales rose 9.3 percent with 8,134 units sold;
Total dollar volume increased 28.1 percent to $2.9 billion;
The single-family average price rose 16.2 percent to $377,738, the highest ever for a January;
The single-family median price increased 17.9 percent to $310,000 – also a January record;
Single-family home months of inventory registered a 1.4-months supply, down from 1.7 months year-over-year and below the national inventory of 1.8 months;
Townhome/condominium sales rose 24.7 percent with the average price up 14.7 percent to $241,605 and the median price up 18.3 percent to $207,700;
Single-family home rentals rose 7.8 percent with the average rent up 9.7 percent to $2,070;
Townhome/condominium leases increased 2.6 percent with the average rent up 11.9 percent to $1,801.
Townhouse/Condominium Update(HAR Report:
Sales of townhouses and condominiums increased for the 17th consecutive month in January, rising 24.7 percent with 566 closed sales versus 454 a year earlier. The average price jumped 14.7 percent to $241,605 and the median price increased 18.3 percent to $207,700. Inventory fell from a 3.3-months supply to 1.6 months.
(HAR Report): Days on Market, or the actual time it took to sell a home, fell from 48 to 39 days. Inventory registered a 1.4-months supply compared to 1.7 months a year earlier. That is the second lowest inventory level of all time. The current national inventory figure stands at 1.8 months, as reported by NAR.
Broken out by housing segment, January sales performed as follows:
$1 - $99,999: decreased 36.0 percent
$100,000 - $149,999: decreased 40.6 percent
$150,000 - $249,999: decreased 34.4 percent
$250,000 - $499,999: increased 36.1 percent
$500,000 - $999,999: increased 47.1 percent
$1M and above: increased 52.2 percent
HAR also breaks out sales figures for existing single-family homes. Existing home sales totaled 5,213 in January. That was up 8.3 percent from the same month last year. The average sales price rose 16.4 percent to $374,093 while the median sales price climbed 17.6 percent to $300,000.
Single-Family Homes Update(HAR Report):
Single-family home sales rose 7.1 percent in January with 6,451 units sold throughout the greater Houston area compared to 6,024 a year earlier. Strong sales volume among high-end homes pushed up pricing. The median price climbed 17.9 percent to $310,000 while the average price rose 16.2 percent to $377,738. Both are the highest prices ever for a January, but are well below overall record highs set during 2021.
January Monthly Market Comparison(HAR Report):
After turning 2021 into a record year, the Houston real estate market had a strong opening to 2022 with January single-family home sales up 7.1 percent year-over-year. Most of the other monthly measurements were also positive. Pending sales jumped 15.7 percent. However, total active listings — or the total number of available properties —remained down 14.2 percent as a result of steady homebuying trends throughout 2021.
Single-family homes inventory slid to a 1.4-months supply versus 1.7 months last January. Over the past 12 months, the highest inventory level has been a 1.8-months supply in August 2021. The lowest was 1.3 months from March through May of last year. Housing inventory nationally stands at a 1.8-months supply, according to the latest report from the National Association of Realtors (NAR).
Lease Property Update(HAR Report):
Houston’s lease market enjoyed a strong January, most likely fueled by consumers that have postponed homebuying plans until the market yields a more plentiful and affordable supply of housing. Single-family lease homes rose 7.8 percent year-over-year. Leases of townhomes and condominiums increased 2.6 percent. The average single-family rent went up 9.7 percent to $2,070 while the average rent for townhomes and condominiums jumped 11.9 percent to $1,801.
