The Houston-area home sales set new record in May as single-family home sales jumped nearly 50% compared to May 2020, the Houston Association of Realtors (HAR) has reported. Despite the inventory of single-family homes down to 1.4-month of properties for sale, consumers took advantage of the historically low interest rates.
According to HAR’s June market update, single-family home sales were up 48.2% compared to a year ago, with 9,702 units sold versus 6,546 a year earlier. This marks the Houston-area housing market’s greatest one-month year-over-year sales volume increase of all time and is the market’s twelfth consecutive positive month of gross sales.
Houston May Sales Highlights
- Homes priced $750,000 and above led the way in May sales volume, breaking all previous records with a massive 291% year-over-year increase.
- Homes prices $500,000 to $750,000 noticed a 166% increase.
- Homes priced $250,000 -$499,999 noticed a 82.8% increase.
- Single-family home rentals fell 26.8% with the average rent up 10.6% to a record high $2,025.
- Houston properties spent a mean of 34 days on the market (DOM), 24 days lower from May 2020.
- The single-family home average price rose 29.7% to $387,105 and the median price increased 21.7% to $304,000.
- Sales of all property types totaled 12,100, a 55.5% increase from May 2020 – the second highest volume of all time.
- Total dollar volume for the month soared 100.5%to $4.4 billion.
May Monthly Market Comparison
“We are witnessing the most energized Houston real estate market in history,” said HAR Chairman Richard Miranda with Keller Williams Platinum. “Sellers maintain the upper hand, and buyers are not just meeting their demands. They are exceeding them, as we hear endless accounts of offers coming in that are thousands of dollars above list price. It’s difficult to predict how and when this incredible housing run will end.”
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