Houston Real Estate Sees Strong Performance
August was the third straight positive month for Houston real estate, according to recent press release by Houston Association of Realtors.
Following a July that vaulted Houston real estate into the record books, August proved to be another healthy month for home sales despite the lingering coronavirus pandemic. The high end of the market staged the strongest performance, pulling up overall pricing along the way.
According to the latest Houston Association of Realtors (HAR) Market Update, 9,195 single-family homes sold in August compared to 8,673 a year earlier. That accounted for a 6.0 percent increase and marked the third consecutive month of positive sales.
Homes priced at $750,000 and above registered the greatest percentage increase, soaring 40.3 percent compared to August 2019. In second place was the $500,000 to $750,000 housing segment, which jumped 34.4 percent year-over-year. Homes between $250,000 and $500,000 — the market’s highest volume sales range – also achieved significant increases over 2019.
The single-family home median price climbed 7.6 percent to $269,000 while the average price rose 7.8 percent to $334,256. Both figures are record highs for an August. Year-to-date sales are running 2.8 percent ahead of 2019’s record pace.
Sales of all property types totaled 11,121 – up 7.3 percent from August 2019. Total dollar volume for the month increased 13.4 percent to $3.5 billion. After strong consumer interest in July, the lease market retreated in August, with declines in both the single-family and townhouse/condo markets.
“August was the third straight positive month for Houston real estate, but with a dwindling supply of homes entering the market, we expect sales volume to resume a more normalized pace for this time of year,” said HAR Chairman John Nugent with RE/MAX Space Center.
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