The Houston buyer hype is far from over as buyers continued to take advantage of historically low interest rates in June. However, despite the fact that the rate of buying activity is still very high, during the month it slowed slightly compared to last year, according to the latest market report of the Houston Association of Realtors.
In June, the Houston market posted sales growth for the 13th straight month with 10,638 single-family home sales, up 13.6% from June 2020. Total sales of all types of real estate increased by 16.9%, with 13,090 units sold – the highest volume on record. Home sales remain at 25.9%, ahead of a 2020 record.
The total volume in dollar terms and the average price of single-family homes also rose to historic highs – 43.8% to $ 4.8 billion and 23.7% to $ 395,316, respectively. Data for more categories can be seen in the chart below, including market averages and single-family home inventory, which are significantly lower compared to the same period last year.
Active listings or the number of available properties remained 36.4% lower than last year. However, new listings are up nearly 13%, which could help reduce inventory.
The Houston luxury market dominated in terms of sales, with home sales at $ 750,000 and up rising a whopping 136.5% year over year.
Townhouse and condominium sales rose nearly 50%, while the average price rose nearly 17% to a record $ 247,827. Single-family home rents fell 24.1%, while townhouse and condominium rents were unchanged, increasing 4% year-over-year.
Referring to the high activity in the current market, HAR Chairman Richard Miranda said: “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 looking to buy a home and who is disappointed with the current market conditions needs to be patient. “