Single-family home sales were up 13.6% compared to June 2020, with 10,638 units sold versus 9,362 a year earlier, marking the 13th consecutive month of positive home sales.
“The Houston housing market is in overdrive right now, and we know anecdotally that out-of-town investors have contributed to the frenzy,” HAR Chairman Richard Miranda with Keller Williams Platinum said in the news release. “We saw similar investment activity following Hurricane Harvey, and within a few months, the market stabilized. We expect stability to return this time around, so anyone in the market for a home who is frustrated by current market conditions needs to be patient.”
Like it reported in June for May home sales, HAR reports homes priced $750,000 and above largely carried the increase, with a 136.5% year-over-year increase. Following was the $500,000-$750,000 segment, which increased 87% year over year, followed by the $250,000-$499,999 segment at a 35% year over year increase.
Still, not every housing segment saw gains. The three lowest housing segments: $150,000-$249,999, $100,000-$149,999, and $1-$99,999 saw 25.1%, 40.7%, and 35.2% year over year decreases respectively.
With a 1.5-months supply, the Houston real estate market has reached the highest supply of homes in 2021 since February, with levels down to 1.4 months and 1.3 months in March and April, respectively, according to the report. Nationwide, housing inventory stands at a 2.5-months supply, according to the National Association of Realtors.