According to the Houston Association of Realtors (HAR) Market Update, total property sales for the month of June totaled 13,090 – the greatest volume of all time, which is a 16.9% year over year increase from June 2020. All-in-all, total dollar volume for the month of June surged 43.8% to a record $4.8 billion, also a historic high.
“The Houston housing market is in overdrive right now, and we know anecdotally that out-of-town investors have contributed to the frenzy,” HAR Chairman Richard Miranda with Keller Williams Platinum said in the news release. “We saw similar investment activity following Hurricane Harvey, and within a few months, the market stabilized. We expect stability to return this time around, so anyone in the market for a home who is frustrated by current market conditions needs to be patient.”
Homes are spending little to no time on the Houston housing market in June 2021 as homebuyers continue to take advantage of historically low interest rates despite tight inventory. June homes sales remained strong in the Houston-area as single-family home sales were up 13.6% compared last year, with 10,638 units sold versus 9,362 a year earlier, marking the 13th consecutive month of positive home sales.
The surge in high-dollar home buying pushed pricing to record levels as high-end home shopping dominated the Houston market in June as homes priced from $750,000 saw a 136.5% increase in sales followed by homes priced $500,000-$749,999 with 87% increase; and homes priced $250,000 -$499,999 with 35% increase.
June Sales by Housing Segment
- Home prices $750,000 and above – 136.5% increase
- Homes prices $500,000 to $749,999 – 87% increase
- Homes priced $250,000 -$499,999 – 35% increase
The three lowest housing segments – $150,000-$249,999, $100,000-$149,999, and $1-$99,999 saw 25.1%, 40.7%, and 35.2% year over year decreases respectively.
Houston Real Estate Highlights in June
- Single-family home sales increased for the thirteenth consecutive month, up 13.6 percent year-over-year with 10,638 units sold;
- The Days on Market (DOM) figure for single-family homes fell from 57 to 29;
- Total property sales rose 16.9 percent with 13,090 units sold – the highest volume in history;
- Total dollar volume increased 43.8 percent to $4.8 billion – a historic high;
- The single-family average price reached a new record high, increasing 23.7 percent to $395,316;
- The single-family median price rose 20.0 percent to $314,500 – also a record high;
- Single-family homes months of inventory registered a 1.5-months supply, down from 3.0 months year-over-year and below the national inventory of 2.5 months;
- On a year-to-date basis, single-family homes sales are running 25.9 percent ahead of 2020’s record pace.
- Townhome/condominium sales jumped 49.9 percent with the average price up 16.9 percent to $247,827 and the median price up 22.4 percent to $214,125 – both record-setting prices;
- Single-family home rentals fell 24.1 percent with the average rent up 10.6 percent to a record high $2,111;
- Townhome/condominium leases were flat with the average rent up 4.0 percent to a record high $1,799.
Read full HAR Market Report on Houston Real Estate Market June Sales here.
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