Greater Houston REAL ESTATE market update rips up a record-breaking pace in its sales for about 50% jump in sales volume compared to May of 2020. The factors contributing to this huge increase are limited supply, strong buyer demand, and increased construction cost. According to the latest update of HAR, single-family home sales search is up by 48.2%. 9,072 homes sold from 6,546 sold last year—the year-to-year basis homes sales leading 2020’s record pace by a whopping 29.5%. Homes priced $750k and above is considered a luxury home in Houston, making it the second-best performing segment between the $500k – $750k home prices for a 166% increase from last year. The average single home sales price rose by 29.7%, making the average home price $387k in greater Houston. Sales of all property types are totaling to 12,100 units, which stands as the second-highest volume of all time. Pending sales climbed 12.4%, wherein total active listings fell by 40.6%, with sales still dramatically outpacing new listings, which just increased by 1.3% year-over-year, giving 40% fewer properties and only 1.3% of new listings.
Inventories now held 1.4 months inventory in Houston for 3 months straight, where national housing inventory stands a 2.4 month supply. However, Single-family home rentals fell by 26.8%, while the average rent price has gone up by 10.6% to a record high of $2,025 for single-family homes, condos, and townhomes in the Greater Houston Market. This marks the 12 consecutive months of positive sales greatest one-month year-over-year sales volume in HAR.