The Houston area saw 9,287 single-family home sales in October, a 29.2% increase year over year, according to HAR's market report released Nov. 11. The month saw a total dollar volume increase of 46% to $3.5 billion in sales.
“There was no way to anticipate that the Houston housing market would move at such incredible velocity when coronavirus struck, but I believe it is a testament to the importance of meeting consumers’ housing needs during a pandemic and the dedication of hardworking real estate professionals throughout our community,” HAR Chairman John Nugent with RE/MAX Space Center said in the report.
Meanwhile, the median price of homes rose by 11.1% to $266,685, and total sales to date are up by 7.7% over this point in 2019.
The continued buying spree is chipping away at inventory, which is now at a near six-year low mark at 2.4 months, lower than the national average of 2.7 months.
Views on listings on HAR's online portal are up almost by 40%, according to the report, suggesting appetites for purchases may not be slowing.
As in previous months, the high end of the single-family market, priced at $750,000 and up, saw the most sales increases, with 81.6% more transactions in October.
With the buying activity, single-family leases tumbled by 5.1% but townhouse and condo leases increased by 11%.