The Houston Association of Realtors reported continued double-digit increases in home sales in January, coupled with a 13.6% year-over-year decline in new listings, leading to calls for more inventory to satisfy demand.

There were 6,088 single-family homes sold in January compared to 4,769 a year ago, a 27.7% increase driven largely by strong sales activity in the luxury and midrange housing segments.

“The Houston real estate market carried the momentum of 2020 into the new year, however we believe that the current pace of sales is unsustainable without an infusion of new listings into the marketplace,” said HAR Chair Richard Miranda with Keller Williams Platinum in a news release. “It’s our hope that as we move out of the winter months, more sellers will begin to put their homes on the market and help boost inventory to pre-pandemic levels.”

Sales for homes priced at $750,000 and above jumped nearly 74% compared to a year ago, followed by sales at the $500,000 to $750,000 housing segment at a 70% increase and the $250,000 to $500,000 segment at a 62% increase.

Year over year, the median price of homes jumped 12% to $263,500.

Inventory, meanwhile, has dropped down to a 1.8-month supply, compared to 3.3 months a year earlier.