The record-breaking real estate market in Houston is continuing unabated, according to figures released by the Houston Association of Realtors. In a Jan. 13 press release, HAR announced that single-family home sales rose by 10.5 percent compared with 2019 to 96,151, while all real estate transactions totaled 115,523, for a total increase of 11.6 percent. The demand for Houston-area homes stayed high during the pandemic, spurred by record-low interest rates. The press release noted that the March and April crash in real estate sales was alleviated when Texas designated real estate transactions as an ‘essential service’, and sales picked up again.
The HAR monthly activity snapshot noted that the strong market continued in December, when many buyers are usually focused on the holidays. HAR noted that single-family home sales for December, 2020 rose 25.5 percent compared to December, 2019. Homes priced between $500,000 and $750,000 rose 80.8 percent, luxury-priced homes priced at $750,000 and up came in second place at a 54 percent increase; and homes in the $250,000 to $500,000 range, which has the most listings, rose 44.6 percent.
The housing supply shortage compared to market demand brought sale prices up. The median price of homes rose 8.7 percent to $273,443. while the average price rose 11.4 percent to $347,164.