HAR: Regardless of stock shortages, house gross sales within the Houston space rose 14% yr over yr in June
Single family home sales were up 13.6% compared to June 2020, mostly homes priced at $ 750,000 and up, like this Bellaire home that sold for between $ 1,425,001 and $ 1,638,000 in June , according to a July report by the Houston Association of Realtors. (Courtesy Houston Association of Realtors)
The Houston area stock of single-family homes may have fallen to 1.5 months on offer, but June sales remained strong, the Houston Association of Realtors reported.
Single family home sales were up 13.6% compared to June 2020, with 10,638 units sold versus 9,362 last year, marking the 13th consecutive month of positive home sales.
“The Houston housing market is currently in full swing, and we know anecdotally that overseas investors contributed to the frenzy,” said HAR Chairman Richard Miranda with Keller Williams Platinum in the press release. “We saw similar investment activity after Hurricane Harvey and within a few months the market stabilized. We expect stability to return this time around, so anyone in the home market who is frustrated with current market conditions will need to be patient. “
As reported in June for May home sales, HAR reports that homes priced at $ 750,000 and up have carried the surge for the most part, up 136.5% year over year. It was followed by the $ 500,000 to $ 750,000 segment, which was up 87% year over year, followed by the $ 250,000 to $ 499,999 segment, which is up 35% year over year.
However, not all housing segments recorded gains. The three lowest housing segments: $ 150,000 to $ 249,999, $ 100,000 to $ 149,999, and $ 1 to $ 99,999 were down 25.1%, 40.7% and 35.2%, respectively, year over year.
With a 1.5 month supply, the Houston real estate market hit the highest home supply since February in 2021, with a 1.4 month supply and 1.3 month supply in March and April respectively, the report said. According to the National Association of Realtors, the housing stock is available nationwide for 2.5 months.