Houston housing market

HOUSTON —HAR Report (May 11, 2022) — The Houston real estate market had a robust performance in April, however, for the first time in 2022, sales volume failed to best last year’s historic pace as record high prices, rising interest rates and limited inventory weighed on homebuyers during what is traditionally the busy spring homebuying season.

Single-family home sales were statistically flat, registering a fractional 0.2 percent decline with 9,079 units sold compared to 9,100 in April of 2021. On a year-to-date basis, however, the market has kept the momentum of what has so far been a strong year – running 7.4 percent ahead of 2021’s record-setting volume. Would-be homebuyers who have instead opted to rent drove single-family home leases up 17.2 percent, but pulled back a bit from townhome and condominium leases, which fell 3.0 percent.

Homes priced between $500,000 and $1 million experienced the largest increase in sales in April, registering a 45.0 percent year-over-year sales volume gain. That was followed by the luxury market – consisting of homes priced at $1 million and above – which shot up 24.9 percent. The $250,000 to $500,000 housing segment came in third place, climbing 13.5 percent.

A continued lack of available homes priced below $250,000 has left consumers no choice but to shop for more expensive homes amid rising interest rates or to lease. Mortgage rates are surging at the fastest pace in 40 years, driven largely by the Federal Reserve’s more aggressive efforts to curb inflation.

Houston housing market highlights

Houston Real Estate Highlights in March(HAR Report):

• Single-family home sales increased 4.1 percent year-over-year;

• Days on Market (DOM) for single-family homes dropped from 46 to 38;

• Total property sales rose 4.3 percent with 12,149 units sold;

• Total dollar volume increased 15.7 percent to $4.6 billion;

• The single-family average price rose 11.4 percent to $410,923, the highest of all time, and the first time that pricing has topped $400,000;

• The single-family median price increased 15.5 percent to $335,000 – also a record;

• Single-family home months of inventory registered a 1.3-months supply, unchanged from one year earlier;

• Townhome/condominium sales rose 8.7 percent with the average price up 5.8 percent to $255,334 and the median price up 10.4 percent to $215,000;

• Single-family home rentals rose 18.3 percent with the average rent up 6.7 percent to $2,075;

• Townhome/condominium leases were unchanged with the average rent up 7.6 percent to $1,852.

Townhpuse/condo for sale/rent in Houston

Townhouse/Condominium Update(HAR Report):

Townhouses and condominiums had another positive month in March. Sales volume rose 8.7 percent with 861 closed sales versus 792 a year earlier. The average price climbed 5.8 percent to $255,334 and the median price jumped 10.4 percent to $215,000. Neither figure surpassed the record highs that were established last month. Inventory fell from a 2.7-months supply to 1.4 months.

Hose for sale in Houston

Single-Family Homes Update(HAR Report):

Single-family home sales increased 4.1 percent in March with 9,693 units sold throughout the greater Houston area compared to 9,309 a year earlier. Strong sales volume among higher-end homes pushed pricing up to historic highs. The median price climbed 15.5 percent to $335,000 while the average price rose 11.4 percent to $410,923. These prices are not only new record highs, but the average price represents the first time that single-family pricing has exceeded $400,000.

Houston housing market Comparison

March Monthly Market Comparison(HAR Report):

The Houston real estate market had another strong month of sales despite the persistent record low supply of homes, soaring prices and rising interest rates. Single-family home sales increased 4.1 percent year-over-year. On a year-to-date basis, sales are 10.8 percent ahead of 2021’s record pace.

With the exception of active listings (the total number of available properties), all of the monthly measurements showed positive readings. Pending sales rose 3.8 percent. Sales of all property types increased 4.3 percent year-over-year, totaling 12,149, and total dollar volume for March increased 15.7 percent to $4.6 billion.

Months of inventory was flat at a 1.3-months supply, which is just slightly above the lowest level of all time. Over the past year, its highest level reached was a 1.8-months supply in August 2021. Housing inventory nationally stands at a 1.7-months supply, according to the latest report from the National Association of Realtors (NAR). A 6.0-months supply is traditionally considered to represent a “balanced market,” in which neither the buyer nor the seller has an advantage.

For rent/lease in Houston

Lease Property Update(HAR Report):

Houston’s lease market enjoyed a positive March overall, still benefitting from consumers that have postponed homebuying plans until the market hopefully yields a broader and more affordable supply of housing. Single-family rental homes rose 18.3 percent year-over-year. Leases of townhomes and condominiums were unchanged. The average single-family rent rose 6.7 percent to $2,075 while the average rent for townhomes and condominiums increased 7.6 percent to $1,852.

Houston housing market

(HAR Report):

After reaching record prices in February, buyers pushed pricing to even higher levels in March. The average price of a single-family home rose 11.4 percent to $410,923 while the median price jumped 15.5 percent to $335,000. This marks the first time that pricing for a single-family home in Houston has surpassed $400,000.

“We are experiencing unprecedented market conditions in Houston with a frenetic pace of homebuying despite limited inventory, rising prices and steadily climbing interest rates,” said HAR Chair Jennifer Wauhob with Better Homes and Gardens Real Estate Gary Greene. “This is taking place amid a backdrop of continued supply chain problems and rising prices for everything from gasoline to groceries, which only adds to consumer pressures. We expect to see buyers start to pull back a bit until conditions stabilize, if indeed they do.”

Houston housing market

HOUSTON -HAR Report— (April 13, 2022) — Undaunted by rising mortgage interest rates and a record low supply of homes across Greater Houston, consumers kept the local real estate market in positive territory in March. While new listings are entering the market each week, buyer demand has consistently outpaced that supply, and multiple offers on homes continues to push pricing into record territory, solidly positioning Houston as a sellers’ market.

According to the Houston Association of Realtors’ (HAR) March 2022 Market Update, single-family home sales increased 4.1 percent with 9,693 units sold compared to 9,309 in March of 2021. On a year-to-date basis, the market is running 10.8 percent ahead of last year’s record pace. The rental market is also strong as consumers that find themselves unable to purchase a home for the time being are instead opting to lease.

Homes priced between $500,000 and $1 million led the way in sales for the month, registering a 36.1 percent year-over-year gain. The $250,000 to $500,000 housing segment came in second place, climbing 24.0 percent. That was followed by the luxury market – consisting of homes priced at $1 million and above – which increased 16.0 percent.

A continued shortage of available homes below $250,000 has left consumers no choice but to shop for higher-priced homes or to lease. It remains to be seen if mortgage rates, which topped 5 percent last week for the first time in years, will slow the pace of homebuying in April.

Houston housing market highlights

Houston Real Estate Highlights in February(HAR Report):

• Single-family home sales rose 22.9 percent year-over-year, a figure likely skewed as a result of the freeze last year that interrupted real estate transactions for days on end. When compared to the last “normal” February, in 2020, sales volume increased 23.3 percent;

• Days on Market (DOM) for single-family homes dropped from 48 to 41;

• Total property sales rose 25.6 percent with 9,299 units sold;

• Total dollar volume increased 43.5 percent to $3.5 billion;

• The single-family average price rose 13.4 percent to $395,871, the highest of all time;

• The single-family median price increased 19.3 percent to $328,000 – also a record;

• Single-family home months of inventory registered a 1.3-months supply, down from 1.5 months year-over-year and below the national inventory of 1.6 months;

• Townhome/condominium sales jumped 35.9 percent with the average price up 22.4 percent to $266,366 and the median price up 26.8 percent to $225,00 – both record highs;

• Single-family home rentals rose 23.8 percent with the average rent up 6.5 percent to $2,052;

• Townhome/condominium leases decreased 1.0 percent with the average rent up 7.9 percent to $1,767.

Townhpuse/condo for sale/rent in Houston

Townhouse/Condominium Update(HAR Report):

Townhouses and condominiums had another strong month of sales in February with volume surging 35.9 percent with 659 closed sales versus 485 a year earlier. With that figure likely distorted because of last year’s freeze, a comparison to February 2020 shows an increase of 40.5 percent. The average price jumped 22.4 percent to $266,366 and the median price shot up 26.8 percent to $225,000. Both are record highs. Inventory fell from a 3.1-months supply to 1.4 months.