Houston-area home sales continue to outperform 2019 for third-straight month

Double-digit year-over-year sales increases among homes valued at $250,000 and higher were set back slightly by decreases in home sales below that price point. (Community Impact Newspaper staff)
Double-digit year-over-year sales increases among homes valued at $250,000 and higher were set back slightly by decreases in home sales below that price point. (Community Impact Newspaper staff)

Double-digit year-over-year sales increases among homes valued at $250,000 and higher were set back slightly by decreases in home sales below that price point. (Community Impact Newspaper staff)

Houston's housing market continued to see more sales growth in August, but with fewer listings going up, the inventory has reached its lowest level in five years, according to the Houston Association of Realtors.

“August was the third straight positive month for Houston real estate, but with a dwindling supply of homes entering the market, we expect sales volume to resume a more normalized pace for this time of year,” HAR Chair John Nugent with RE/MAX Space Center said in HAR's monthly report. “Consumers can still benefit from record low interest rates, however constrained inventory doesn’t offer them many housing options, which is unfortunate.”

Total active listings dropped 23% in August, according to the HAR, bringing the region to a 2.8-month supply compared to 4.1 months seen last year.

In August, the Greater Houston area saw a 6% year-over-year increase in single-family home sales with 9,195 properties sold in the month. This marked the third consecutive month of growth coming out of a spring slump triggered by the coronavirus pandemic.

Double-digit increases among homes valued at $250,000 and higher were set back slightly by decreases in home sales below that price point.


High-end homes valued above $750,000 saw a 40.3% increase; those between $500,000 and $750,000 saw a 34.4% increase; and homes in the middle bracket, $250,000 to $500,000, saw an 18.3% increase in homes sold.

Prices also saw increases, with the single-family home median price up 7.6% to $269,000, while the average price rose 7.8% to $334,256—record highs for an August and second-highest on record overall.

Year-to-date sales are running 2.8% ahead of 2019.

Rental properties, meanwhile, saw decreases in activity with new single-family and condominium leases falling by around 13%-14% in August.
By Matt Dulin
Matt joined Community Impact Newspaper in January 2018 and is the City Editor for Houston's Inner Loop editions.


MOST RECENT

Single-family home sales were up 47.4% compared to last April with 9,105 units sold versus 6,175 a year earlier. (Courtesy Houston Association of Realtors)
HAR: Houston-area home sales in April up 47% compared to last year

Single-family home sales were up 47.4% compared to April 2020.

House Bill 1024, signed into law May 12, allows restaurants and bars to permanently sell alcoholic beverages to-go. (Courtesy Pexels)
Cocktails to-go are here to stay in Texas: Gov. Greg Abbott signs change into law May 12

Supporters say the change will help restaurants continue to recover from the economic effects of the coronavirus pandemic.

Huffington Park will soon see some key improvements. (Courtesy city of West University Place)
Huffington Park will undergo $200K renovation starting May 17

Huffington Park, at 6204 College St., West University Place, will soon be undergoing several key renovations.

New details could emerge soon on the potential use of underground tunnels to carry flood water in Harris County, and officials voted May 11 to dedicate an additional $3.26 million to study efforts along Buffalo Bayou. (Kelly Schafler/Community Impact Newspaper)
County commissioners expand scope of flood tunnel study as next phase nears completion

New details could emerge soon on the potential use of underground tunnels to carry flood water in Harris County, and officials voted May 11 to dedicate an additional $3.26 million to study efforts along Buffalo Bayou.

Residents will have until May 2023 to obtain a Real ID. (Courtesy Adobe Stock)
US Department of Homeland Security extends Real ID deadline until 2023

Drivers will have until May 2023 to get the Real ID, which will be required for adults boarding a U.S. commercial flight.

West University Place City Council has officially approved an ordinance that lowers the citywide speed limit. (Hunter Marrow/Community Impact Newspaper)
West University City Council approves speed limit ordinance

It was a monthslong process, but the city of West University Place has officially lowered its citywide speed limit.

Susan Bailey was elected president of the American Medical Association in June 2020. (Courtesy American Medical Association)
'I am convinced we will beat COVID': American Medical Association President Susan Bailey discusses vaccine successes, myths, challenges

Bailey was elected president of the American Medical Association in June 2020. Much of the organization's focus during that time has been on vaccine transparency and distribution.

Pfizer vaccines could become available to kids 12 and up as soon as next week. (Courtesy Adobe Stock/Graphic by Justin Howell/Community Impact Newspaper)
FDA expands Pfizer vaccine authorization to children ages 12 to 15 years old

This is the first time people under the age of 16 have been granted access to a coronavirus vaccine.

The deadline is May 17 for residents to protest their appraised property values set by the Harris County Appraisal District earlier this year, and officials are encouraging protesters to take online options into account. (Courtesy Pexels)
Harris County residents have until May 17 to protest property values

High demand for residential properties along with a shrinking inventory of homes translated into a roughly 8%-10% increase in residential values on average across the county this year

The name of Baileson Brewing Co. on Bissonnet Street in Houston was concocted by merging the names of the owners' dogs, Bailey and Jameson. Their influence shapes the brewery, from the logo to the dog-friendly atmosphere. (Courtesy Baileson Brewing Co.)
Craft Beer Guide: 13 places to celebrate American Craft Beer Week in Houston

Craft beer week runs from May 10-15, and our guide fills you in on the local breweries in Houston, including which ones are dog-friendly, which ones have in-house kitchens and which ones have outdoor seating.

ExxonMobil moved employees from its Springwoods Village campus to a Hughes Landing to cure a default on a Montgomery County tax abatement. (Courtesy ExxonMobil)
ExxonMobil resolves tax abatement default; Home Depot distribution center taking over superfund site; and more top Houston-area news

Read the most popular business and community news from the past week from the Houston area.