Home buyers continue to take advantage of historically low interest rates. Home sales marked gains for the seventh straight month according to the MLS Report released yesterday by the Houston Association of Realtors®. Homes in the $500,000 and $750,000 price range had the most buyers in January followed by homes in the $250,000 to $500,000 price range. With the exception of inventory, the Houston real estate market was positive, with single-family home sales, total property sales and total dollar volume all up compared to January 2019.
Single-family home sales increased 14.3% to 4,699 homes sold in January. This was the seventh consecutive positive month and the greatest January sales volume in 7 years. The single-family home median price increased 4.5% to $234,000 and the average price increased 4.6% to $291,034 – both record high figures for a January.
Sales of all property types increased 15.2% to 5,800 sales. Total dollar volume increased 17.1% to $1.6 billion. Month-end pending sales for single-family homes increased 21.1% to 7,212 pending sales. Total active listings increased 3.7% to 39,699 active listings. Monthly housing inventory decreased 0.1 month to 3.5-months supply compared to a year earlier. Days on Market increased by 2 days to 68 days.
Lease Property Update
Single-family home leases increased 14.5% while townhome and condominium leases increased 5.6%. The average lease price for single-family homes increased 1.7% to $1,782 and the average lease price for townhomes and condominiums increased 5.9% to $1,598.
Townhome and condominium sales showed gains for the second consecutive month, with a 20.9% increase to 399 units sold. The average price decreased 3.5% to $186,582 and the median price decreased 5.2% to $149,750. Inventory remained steady at a 4.0-months supply.