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

Free COVID-19 testing will be available to festival staff, participants and patrons every weekend of the festival this fall. (Courtesy Steven David Photography)
Texas Renaissance Festival to offer free COVID-19 rapid testing throughout season

Additionally, a free drive-thru testing site will be set up in Todd Mission on Sept. 19.

According to a Texas Supreme Court order, all eviction notices in the state must be accompanied with the CDC eviction order's declaration form. (Courtesy Pexel)
Texas Supreme Court issues order strengthening CDC eviction moratorium

The action aims to strengthen a federal order that renters' advocates say has been falling short in eviction court.

Lamar High School Houston ISD
Houston ISD opens school choice application window for 2021-22

Houston ISD is opening its school choice application window earlier than previous years but with an earlier deadline as well.

Endocrine and Diabetes Plus Clinic will celebrate its one-year anniversary in October. (Hunter Marrow/Community Impact Newspaper)
Endocrine and Diabetes Plus Clinic to celebrate one-year anniversary in October

Endocrine and Diabetes Plus Clinic will soon celebrate its one-year anniversary

Dr. Sam Rolon is a physician for Baylor St. Luke's Medical Group Creekside Family Medicine in The Woodlands. (Courtesy St. Luke's Health)
Q&A: St. Luke's physician shares advice on flu season, vaccine and prevention

The influenza vaccine is recommended for nearly all patients of all ages ahead of this year's flu season, Dr. Sam Rolon said.

student in mask
TEA launches statewide COVID-19 dashboard for public schools

The Texas Education Agency, in collaboration with the Texas Department of State Health Services, has launched its latest COVID-19 dashboard for positive cases in Texas public schools.

Motorists can expect some delays on I-69 Southwest Freeway at I-610 West Loop from Sept. 18-21. (Courtesy TxDOT)
TxDOT: Weekend closure on I-69 Southwest Freeway at I-610 West Loop

Motorists can expect some delays on I-69 Southwest Freeway at I-610 West Loop from Sept. 18-21.

Francesca’s boutique clothing store is exploring “strategic initiatives” after the company announced 2020 second quarter net sales losses. (Hunter Marrow/Community Impact Newspaper)
Bankruptcy a possibility as Francesca’s boutique chain explores ‘strategic initiatives’

Francesca’s boutique clothing store is exploring “strategic initiatives” after the company announced 2020 second quarter net sales losses.

Houston Police Department is joining Harris County's cite-and-release program. (Courtesy HTV)
Houston Police Department to join Harris County cite-and-release program

Houston Police Department is joining Harris County's cite-and-release program.

The Houston Food Bank is looking for more volunteers as it handles increased food distribution during COVID-19. (Courtesy Houston Food Bank)
Houston Food Bank: COVID-19 pandemic amplifies already-high food insecurity rates across region

Before COVID-19, the Houston Food Bank distributed about 400,000 pounds of food daily. That number has since increased to about 1 million pounds a day.

Gov. Greg Abbott said Sept. 17 that data from Texas' 22 hospital regions will dictate when certain businesses can reopen at 75% capacity. (Screenshot of Sept. 17 press conference)
Texas Gov. Greg Abbott: Retail stores, restaurants, office buildings, gyms can reopen at 75% capacity as early as Sept. 21

Nursing home and long-term care facilities will also be allowed to reopen for visitation as early as Sept. 24.

Giant river otters will be featured in the upcoming Pantanal habitat, which is set to open Oct. 10. (Courtesy Houston Zoo)
Houston Zoo to open South America’s Pantanal on Oct. 10

Houston Zoo has announced the opening of its latest expansion project.