There were 7,990 single-family homes sold in November compared to 6,359 a year ago, a 25.6% increase driven largely by the higher end of the market, according to HAR's market report released Dec. 9. The total dollar volume for the month rose 43.9% to $3.1 billion in sales.
“In my 50 years in the real estate business, I have never seen a market defy supply and seasonality the way Houston has—amid a pandemic, no less,” HAR Chair John Nugent with RE/MAX Space Center said in a news release. “It’s quite extraordinary to watch consumers take advantage of historically low interest rates and be able to choose their dream homes from among the tightest housing inventory this market has ever experienced.”
Year to date, single-family home sales are outpacing last year’s volume by 9%, according to the report.
Year over year, the median price of homes reached the second-highest level of all time, rising 12% to $270,000.
The price increase has been driven by a decline in inventory, which registered a 2.2-month supply in November compared to a 3.6-month supply a year ago.
At the high end of the market—sale prices of $750,000 and above—sales saw an 88.4% increase in November.