As per the Houston Association of REALTORS® (HAR) "Limited inventory cannot stop the buying frenzy among consumers..."As one of the biggest financial investments, many homeowners are deciding to cash in on their equity, upsize or downsize, while still taking advantage of low-interest rates to further their future and financial goals. Even so, there is still a limited supply of homes for sale versus home buyers clamoring to take advantage of lower interest rates to get their dream home and location.
Excerpted HAR.com "HOUSTON HOUSING BLAZES ITS WAY THROUGH UNCHARTED TERRITORY IN MAY"
Excerpts from HAR Market Report, June 9, 2021:
- Home sales in the Houston area set new records in May as consumers took advantage of historically low-interest rates.
- This caused a nearly 50 percent jump in sales volume compared to May of 2020.
- Record high home prices were caused by limited supply, strong buyer demand, and increased construction costs.
- Single-family homes sales surged 48.2 percent compared to May 2020, marking the greatest one-month year-over-year sales volume increase of all time.
- Homes priced $750,000 and above led the way in May sales volume with a whopping 291.0 percent year-over-year increase.
- The $500,000 to $750,000 segment rocketed 166.0 percent.
- Single-family home average price rose 29.7 percent to $387,105 and the median price increased 21.7 percent to $304,000.
- Sales of all property types totaled 12,100 – the second-highest volume of all time.
- Townhome/condominium sales jumped 103.4 percent.
- Single-family home rentals fell 26.8 percent.
- Townhome/condominium leases declined 3.5 percent.
RE/MAX Reports More Home Sales Nationally
Adam Contos, CEO of RE/MAX Holdings, Inc., stated in a recent blog post on RE/MAX News, “Even with rising home prices, super-quick turnarounds, and fierce competition for available listings, April 2021 saw more home sales than any April in at least 13 years. That's a clear reflection of overwhelming demand and the resilience of today's buyers.”
Protect Yourself and Your Equity Return
With the latest record-breaking housing stats reflecting the supply and demand imbalance, the need for professional real estate representation is stressed more than ever to protect both buyers and sellers—so they have the highest equity return possible, both current and for the future.
The Matthew Guzman Team can help guide you in making smart decisions and help you take quick action, whether buying or selling in this hot Houston market.
Just ask Matt and his team for a consultation on selling your home or helping you buy your next home in Texas. Our team represents everywhere from San Antonio to Cleveland, Texas, and all surrounding areas.
Contact us any time. Free commercial, residential, and investment consultation with one of our real estate professionals. CONTACT US.
Houston Housing Market News Weekly Snapshots:
HAR Market Activity Snapshot - Week of 6/1/2021-6/7/2021
HAR Market Activity Snapshot - Week of 5/25/2021 - 5/31/2021
