The Houston area’s housing market had its thirteenth consecutive positive month of sales in June, according to the Houston Association of Realtors.
Single-family home sales rose 13.6 percent year-over-year to 10,638 units, the Houston Association of Realtors reported. Total home sales for the month were 13,090 – the largest volume ever, up 16.9 percent year over year. All in all, the total dollar volume for the month rose 43.8 percent to a record $ 4.8 billion.
In June, upscale home shopping dominated the market. The luxury segment, homes priced at or above $ 750,000, saw sales jump 136.5 percent. Homes priced at $ 500,000 to $ 749,999 saw an 87 percent increase; and homes priced at $ 250,000 to $ 499,999 saw a 35 percent increase.
The surge in high dollar home purchases has driven prices to record levels.
Both the median and median sales prices for a single family home rose in June – the median sales price rose 23.7 percent to $ 395,316, and the median sales price rose 20 percent to $ 314,500.
Meanwhile, market supply did not keep pace with demand. The number of single-family homes rose to an offer of 1.5 months in June 2021 – the highest offer of home ownership in 2021 since February. Year-over-year, however, the supply is less than the three-month supply in May 2020. Months of Inventory estimates the number of months it would take to sell all active real estate listings in the market today based on the pace of sales over the past year. By comparison, the country’s total housing stock is currently at a low 2.5-month supply, according to the latest report from the National Association of Realtors.
In May, Houston homes spent an average of 29 days in the market, a decrease of 28 days from June 2020.
“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. “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. “
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