News and Features The Plot Thickens

Houston Real Estate Boom Continues

Written by Staff

The Houston Association of Realtors (HAR) is reporting that low housing inventory and low mortgage rates are accelerating demand in the Houston area, with higher- and mid-level homes in the most demand.  In its <December market update>, HAR said 7,990 single-family homes sold in November compared to 6,359 a year earlier, for a 25.6 percent increase.  This is the sixth straight month of positive sales.  According to HAR:

Homes priced at $750,000 and above rocketed 88.4 percent compared to November 2019. That was followed by the $500,000 to $750,000 housing segment, which jumped 72.2 percent year-over-year. Homes between $250,000 and $500,000, which comprise the market’s biggest share of sales, shot up 50.3 percent.

The single-family home average price climbed 15.0 percent to an historic high of $341,765 while the median price increased 12.0 percent to $270,000 – the second highest level of all time. Year-to-date sales are currently 9.0 percent ahead of 2019’s record pace.

Sales of all property types totaled 9,660 – up 28.1 percent from November 2019. Total dollar volume for the month rose 43.9 percent to $3.1 billion. The lease market recorded an 11.1 percent decline in single-family housing while townhouse/condo leases fell 4.0 percent.

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