So, how's the Market? January 2022

Off to a good start, for some.

Houston real estate continued its 2021 stride into the new year, with the majority of action happening in the luxury-level market (currently where buyers are provided the most options). The menu in other market segments remains quite limited, leaving consumer demand at an all-time high. The increasing volume of luxury-level purchases and fewer options in other market segments for buyers is continuing to push overall prices upward. Indeed, single-family home pricing rose more than 7% compared to the year prior.

This is indicative of a precarious situation for upcoming home buyers, particularly as home prices continue to rise alongside mortgage interest rates. Think major uncertainty in terms of affordability.

2021 At a Glance

Despite another year full of pandemic-driven anxiety and questions marks, consumer demand for housing in Houston did not let up in 2021. Like much of the country, Houston homebuyers showed they were willing to pay more for their new homes in order to navigate an ever-dwindling shopping menu. Both the average and median sales price points reached new records, as well as the total annual dollar volume spent on Houston real estate.

So, how's the Market? December 2021

What goes up must come down.

The Houston housing market offered a bit of a mixed bag last month. We saw a decline in property sales and the third negative sales month of the year. met with an increase in prices. This was met, however, with a record-setting median price of $319,000 and the second highest average home price of $392,449.

Inventory remained low, 14% lower than this time last year and 0.7 months less than the national level. Days on Market (DOM) also took a dip, dropping from 47 to 37.

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So, how’s the Market? June 2021

As we see the most homes sold record of all time, experts say market stability is likely on the horizon.

With more than 13,000 transactions, June’s sales volume established a highest new record. Not just for 2021; this is the most sales Houston’s ever seen. Consumers bought $4.8 billion of real estate last month, accounting for a 44% jump compared to last June. 

Low mortgage rates continue to enable buyers to afford more. Luxury home sales again saw the largest year-over-year jump, a jaw-dropping 136% increase since June of 2020. In response, the average single-family Houston home pricing reached a new record of its own, climbing to $395,000. 

Experts continue to anticipate the trajectory’s downturn to arrive in the foreseeable future. “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.”

The menu is indeed growing. Months supply has continued to tick upward, now reaching the highest supply seen since February. However, at a meager 1.5 months inventory, buyers must still act fast in order to get to the front of the line. Stay hopeful, buyers! There’s light at the end of the tunnel!

HOUSTON HOME SALES SIZZLE IN AUGUST

Consumers drive sales volumes to near-record levels as interest rates stay low

HOUSTON — (September 11, 2019) — Temperatures weren’t the only thing soaring in August. Home sales registered another hot month, as low mortgage interest rates kept consumers in a buying mood. According to the latest monthly report from the Houston Association of Realtors (HAR), August sales of single-family homes throughout greater Houston totaled 8,679. That is up 3.9 percent year-over-year and marks the second largest one-month sales volume of all time; the record of 8,930 was set just last month. On a year-to-date basis, home sales are running 3.1 percent ahead of 2018’s record volume.

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Housing inventory grows to pre-Harvey levels

HOUSTON — Despite continued strength in the Houston real estate market fueled by more robust inventory and low interest rates, June home sales could not match the historic levels of a year earlier, in June of 2018. According to the latest monthly report from the Houston Association of REALTORS® (HAR), single-family home sales were down 3.4 percent. However, on a year-to-date basis, sales are still outpacing 2018’s record volume.

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Supply of homes outpaces 2018, helping to meet increased demand

HOUSTON — Encouraged by continued low interest rates and a growing selection of housing options, home buyers kept the greater Houston real estate market in positive territory for a fourth straight month in May. As it did in April, the luxury segment (homes priced at $750,000 and above) led the way in sales volume, and rental properties moved briskly. Housing inventory grew to its largest level since August 2017, meeting consumer demand as the market prepares to segue into summer.

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THE HOUSTON HOUSING MARKET BREAKS RECORDS IN 2018

The Houston real estate market set new records in 2018 despite uncertainty across the region when the year began, with many survivors of Hurricane Harvey still rebuilding their homes and lives. Single-family home sales for the full year surpassed 2017’s record volume by nearly four percent. However, as 2019 gets underway, housing inventory remains constrained – still sitting below its more balanced pre-Harvey levels.

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HOUSTON HOME SALES BREAK RECORDS IN JUNE

Sales volume and pricing reach new highs

HOUSTON — (July 11, 2018) — Neither scorching temperatures nor vacation plans could stop homebuyers from pushing the Houston real estate market into record territory in June, as they generated the greatest one-month sales volume of all time and sent average and median prices to new highs. Single-family home rentals were also in strong demand.

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