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After a down July, sales return to positive territory, housing supply improves and prices moderate while continuing to best last year.
Houston Real Estate Housing Market News August Highlights
Sales of single-family homes rebounded with an 8.5 percent increase from July declines, with 9,890 units sold vs. 9,118 in August 2020.
Days on Market (DOM) for single-family homes fell - 51 to 26;
Property sales rose 9.2 percent;
Dollar volume increased 26.7 percent;
Single-family home average price saw an increase of 14.0 percent;
Single-family home median price climbed 15.2 percent to $310,000;
Single-family homes registered 1.9-months supply, which is down from 2.6 months year-over-year and still below 2.6 months for national inventory;
Single-family homes sales, on a year-to-date basis, are running 17.4 percent ahead of 2020;
Townhome/condominium sales had an average price of $237,473 with the average price up 9.5 percent;
Average rent of Single-family home was up 9.6 percent to $2,153; while rentals fell 10.2 percent;
The average rent of Townhome/condominium leases was up—6.9 percent to $1,765—rising 1.8 percent .
Houston August Home Sales Increased Volume
August saw a return to increased sales volume with inventory improving and prices moderating, after a 13-month run of positive sales was interrupted in July.
Higher-priced homes from $500,000 to $750,000 still captured the majority of sales volume with a 48.5 percent year-over-year increase. Pricing, overall, has eased a bit since record-setting highs in June.
All property type sales rose 9.2 percent year-over-year as August shot up 26.7 percent to $4.3 billion.