According to the latest Houston Association of Realtors (HAR) Market Update:
- single-family homes sales surged 48.2 percent compared to last May
- with 9,702 units sold versus 6,546 a year earlier.
- That marks the greatest one-month year-over-year sales volume increase of all time
- and is the market’s twelfth consecutive positive month of sales.
**On a year-to-date basis, home sales are leading 2020’s record pace by 29.5 percent.**
The single-family home average price rose 29.7 percent to 387,105 and the median price increased 21.7 percent to 304,000.
Sales of all property types totaled 12,100 – the second highest volume of all time. That is up 55.5 percent from May 2020. Total dollar volume for the month soared 100.5 percent to 4.4 billion.
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.” ~ quote from HAR Board Chairperson
Lease Property Update
The average rent for single-family homes jumped 10.6 percent to a record 2,025 while the average rent for townhomes and condominiums increased 8.5 percent to 1,716.
May Monthly Market Comparison
Single-family homes inventory was squeezed to a 1.4-months supply in May from 3.3 months a year earlier. Inventory has now held at 1.4-months for three straight months. Housing inventory nationally stands at a 2.4-months supply, according to the National Association of Realtors (NAR).
Single-Family Homes Update
The single-family home average price climbed 29.7 percent to 387,105 while the median price rose 21.7 percent to 304,000.
The time it took to sell a home fell by more than three weeks versus May 2020.
Broken out by housing segment, May sales performed as follows:
- 1 - 99,999: decreased 34.7 percent
- 100,000 - 149,999: decreased 31.5 percent
- 150,000 - 249,999: decreased 6.5 percent
- 250,000 - 499,999: increased 82.8 percent
- 500,000 - 749,999: increased 166.0 percent
- 750,000 and above: increased 291.0 percent
HAR also breaks out sales figures for existing single-family homes. Existing home sales totaled 7,975 in May, up 60.6 percent compared to the same month last year. The average sales price shot up 35.6 percent to 390,230 while the median sales price climbed 29.3 percent to 303,775 – both record prices.
For HAR’s Monthly Activity Snapshot (MAS) of the May 2021 trends, please click HERE to access a downloadable PDF file.
Townhouse/Condominium Update
Sales of townhouses and condominiums increased for the ninth straight month in May, rocketing 103.4 percent with 840 closed sales versus 413 a year earlier. The average price rose 15.7 percent to 238,839 – the second highest average price of all time -- and the median price climbed 21.7 percent to a record-setting 213,000. Inventory fell from a 4.4-months supply to 2.6 months.
Houston Real Estate Highlights in May
- Single-family home sales increased for the twelfth consecutive month, up a dramatic 48.2 percent year-over-year with 9,702 units sold;
- The Days on Market (DOM) figure for single-family homes dropped from 58 to 34;
- Total property sales rose 55.5 percent with 12,100 units sold – the second highest volume in history;
- Total dollar volume increased 100.5 percent to 4.4 billion;
- The single-family average price reached a new record high, rising 29.7 percent to 387,105;
- The single-family median price rose 21.7 percent to 304,000 – also a record high;
- Single-family homes months of inventory registered an historic low 1.4-months supply, down from 3.3 months year-over-year and below the national inventory of 2.4 months;
- On a year-to-date basis, single-family homes sales are running 29.5 percent ahead of 2020’s record pace.
- Townhome/condominium sales jumped 103.4 percent with the average price up 15.7 percent to 238,839 and the median price up 21.7 percent to a record high of 213,000;
- Single-family home rentals fell 26.8 percent with the average rent up 10.6 percent to a record high 2,025;
- Townhome/condominium leases declined 3.5 percent with the average rent up 8.5 percent to 1,716.
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