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.