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

Crews have begun to remove the parking lot at 4300 Bellaire Blvd., Bellaire, as a result of a settlement, the city of Bellaire confirmed April 20. (Hunter Marrow/Community Impact Newspaper)
Bellaire parking lot lawsuit reaches settlement

The teardown comes after a monthslong dispute over the errant parking lot.

A new permanent campus for Trees for Houston will include 1.5 acres that will feature an on-site tree nursery, office space and an education center. (Courtesy Trees For Houston)
Kinder Foundation seeds $3 million for new Trees for Houston campus

The nonprofit’s capital campaign is closing in on its $8.8 million goal.

Community volunteers from the Meyerland area are being asked to help clean up trash from the Meyer Tract Detention Basin on April 24. (Hunter Marrow/Community Impact Newspaper)
Volunteers sought for Brays Bayou green space cleanup effort

The site is in line for a Houston Parks Board greenways trail addition.

Maverick Remodeling and Construction employees use electronic gauges to determine how well a League City house that flooded from bust pipes is drying. (Jake Magee/Community Impact Newspaper)
Freeze-damaged homes might qualify for property tax reduction

As of March 31, HCAD said it had only received about 150 applications for the exemption.

Velvet Taco will officially open at Rice Village on April 26. (Courtesy Velvet Taco)
Velvet Taco to open Rice Village restaurant April 26

The new restaurant will fill nearly 3,400 square feet of space.

As part of President Joe Biden’s plan to reopen schools safely nationwide, the department’s National School Lunch Program Seamless Summer Option is being expanded beyond the summertime. (Courtesy Adobe Stock)
USDA extends free school meals provision through 2021-22 school year

Schools nationwide will be able to serve nutritious meals to all students free of charge regardless of eligibility through June 30, 2022, officials announced.

Houston City Council approved a $500,000 grant ask that targets updates to the city’s parks master plan. (Courtesy Visit Houston)
Houston City Council approves $500,000 grant ask for parks plan

The city of Houston is asking for $500,000 in grant funding to help pay for updates to its parks master plan.

George Floyd protest
Houston-area officials, advocates react to guilty verdicts in George Floyd murder

Across the city of Houston, local officials and advocates shared messages of solidarity and urged for more reforms in the wake of the announcement.

Hurricane Harvey hit the Houston region in 2017. (Vanessa Holt/Community Impact Newspaper)
How Harris County residents can prepare for hurricane season

After the most active hurricane season on record in 2020, Harris County officials said residents should be prepared for the upcoming season starting June 1.