Greater Houston REAL ESTATE market update with Ft. Bend County Realtor Bret Wallace [August 2021]

Greater Houston REAL ESTATE market update for August 2021. The single-family home sales ended a 13-month positive run with a 6.1% decline where all the contracts that were done at the beginning of summer fell from 56 days to 26 days on the market, which is still considered as very strong sellers-market inventory levels with a total property sales of 3.7% with 12,383 units sold making the total dollar volume increased by 11.4% to 4.5 billion dollars. The single-family average price rose 13.9% to $310,000 making it the Second-highest median price of all time. Single-family homes months of inventory registered decreased from 2.9 months year-over-year to 1.8 month supply, which blew the national inventory of 2.6 months. Single-family home sales are also running 19% ahead of the 2020 record pace on a year-to-date basis. However, rentals fell by 20%, whereas the rent price raised by 11.4% to a record high of 21.62% with a median rent price of $2,162. Townhome and condominium sales dropped at 24% with the median price up by 10% for a price point of $245,000 down to 8.7% for $200,000 flat. Townhome and condominium leases dropped 11% with an average price point going up by 5.8% to 17.56% making the median townhome and condominium rental price $1,756.