REPORT: Single-family home prices reach new highs in Houston as available property hits new lows

Single-family home sales continued to rise significantly in Houston in February, increasing 22.9% year over year, according to the latest market report from the Houston Association of Realtors published March 9.

A total of 7,372 units were sold in February, according to HAR, compared to 5,997 in February 2021.

"Last year’s freeze may have distorted the February [2021] sales figures, but the fact remains that home sales throughout Houston continue to trend upward despite the challenges posed by limited inventory," HAR Chair Jennifer Wauhob said in a statement.

Meanwhile, the median price of a single-family home sale rose to $328,000 in February, a 19.3% increase over last year, according to the HAR report. The median price surpassed a previous Houston record of $317,990 set in December 2021.

HAR officials also noted a decrease in the number of active listings year over year, with 20,620 listings in February, a 10.7% drop from the 23,082 listings in February 2021.

Single-family home inventory—an estimate of how many months it could take to deplete current listings—was at 1.3 months, matching an all-time historic low that was also seen from March through May of 2021, according to HAR.

Townhouses and condominiums also had strong sales with 659 listings closed, a 35.9% increase over last February. Townhome inventory is now at a 1.4-month supply, according to the report.