Despite the unusual weather event delaying some closings due to plumbing-related repairs and property damage, sales of single-family homes rose for a ninth straight month, rising 1.2% compared to a year ago, the Houston Association of Realtors reported in its monthly report released March 10.
“The Houston housing market showed resiliency again last month, coming through strong despite the brutal winter storm that caused widespread power outages, property damage and briefly held up transactions and showings,” said HAR Chair Richard Miranda with Keller Williams Platinum in a news release. “As we head into spring, we urgently need more listings to enter the marketplace or we risk having extremely limited inventory for consumers that want to buy a home now, especially with the prospect of rising mortgage interest rates.”
There were 6,049 single-family homes sold in February this year, compared to 5,979 a year earlier, buoyed in large part by luxury housing, which was the top-performing segment among homebuyers, the HAR reported.
Homes priced at $750,000 and above surged nearly 65% compared to a year ago, followed by the $500,000 to $750,000 housing segment, which jumped 55.3% year over year.
Meanwhile, the median price of homes jumped nearly 13% to $275,900 from $245,000 a year ago. Inventory is down to a 1.6-month supply compared to 3.3 months in February 2020.