Houston Real Estate Marketing Report-Per MLS Press Release-June 2021
Houston real estate held to record territory in June with buyers continuing to seize upon historically low-interest rates as they purchased homes from among a limited supply. Despite the strong buying activity, the pace was slightly slower in the year-over-year comparison.
According to the latest Houston Association of Realtors (HAR) Market Update, single-family homes sales were up 13.6 percent compared to last June, with 10,638 units sold versus 9,362 a year earlier. That becomes the market’s thirteenth consecutive positive month of sales. On a year-to-date basis, home sales remain 25.9 percent ahead of 2020’s record pace.
Once again, homes priced from $750,000 and above dominated in sales volume with a 136.5 percent year-over-year increase. That was followed by the $500,000 to $750,000 segment, which soared 87.0 percent. The surge in high-dollar homebuying again pushed pricing to record-setting levels. The single-family home average price rose 23.7 percent to $395,316 and the median price increased 20.0 percent to $314,500.
Sales of all property types totaled 13,090 – the greatest volume of all time. That is up 16.9 percent from June 2020. Total dollar volume for the month climbed 43.8 percent to a record-setting $4.8 billion.
“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.”
Single-family home sales rose 13.6 percent in June with 10,638 units sold across the greater Houston area compared to 9,362 a year earlier. Strong sales volume among homes at the high end of the market pushed pricing to levels that surpassed last month’s record-setting highs. The single-family home average price climbed 23.7 percent to $395,316 while the median price rose 20.0 percent to $314,500.
The time it took to sell a home fell by almost four weeks compared to June 2020. Days on Market (DOM) went from 57 to 29. Due to strong buyer demand and surging home sales, inventory registered a 1.5-months supply compared to 3.0 months a year earlier. That figure is the highest since February of this year and is below the current national inventory level of 2.5 months recently reported by NAR.