The Houston-area home sales set new records in May as single-family home sales jumped nearly 50% compared to May 2020, the Houston Association of Realtors (HAR) has reported. Despite the inventory of single-family homes down to 1.4-month of properties for sale, consumers took advantage of the historically low interest rates. What contributed to this record high home prices are the limited supply, strong buyer demand and increased construction costs in the houston real estate market.
May Monthly Market Comparison
According to HAR’s June market update, single-family home sales were up 48.2% compared to a year ago, with 9,702 units sold versus 6,546 a year earlier. This marks the Houston-area real estate market’s greatest one-month year-over-year sales volume increase of all time and is the market’s twelfth consecutive positive month of gross sales.
Houston May Sales Highlights
- Single-family home rentals fell 26.8% with the average rent up 10.6% to a record high $2,025.
- Townhome/condominium leases declined 3.5% with the average rent up 8.5% to $1,716.
- Homes priced $750,000 and above led the way in May sales volume, breaking all previous records with a massive 291% year-over-year increase.
- Homes prices $500,000 to $750,000 noticed a 166% increase.
- Homes priced $250,000 -$499,999 noticed a 82.8% increase.
- Single-family homes sales are running 29.5 percent ahead of 2020’s record pace
- Houston properties spent a mean of 34 days on the market (DOM), 24 days lower from May 2020
- The single-family home average price rose 29.7% to $387,105 and the median price increased 21.7% to $304,000
- Sales of all property types totaled 12,100, which is up 55.5% from May 2020 – the second highest volume of all time
- Total dollar volume for the month soared 100.5%to $4.4 billion.
Read full HAR Market report on Houston real estate market May sales here.
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