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Monthly Update: Home Sales

April '21
Published on 5/12/21
Monthly Update: Home Sales

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Houston-area realtors sold 9,105 single-family homes in April ’21, up 47.4 percent from April ’20, according to the Houston Association of Realtors (HAR). The jump from last April reflects weakness in the housing market at the outset of the pandemic. Amid widespread lockdowns, sellers pulled homes off the market and buyers stayed home in March and April. Demand picked up in May ’20 and has remained strong ever since. For the 12 months ending in April ’21, realtors sold 102,208 single-family homes, up 17.1 percent from the same period in ’20.

For all property types (single-family, duplexes, townhomes, condos, and residential lots), realtors sold 11,348 units in April ’21, up 58.3 percent from April ’20. The 12-month total for all property types was 124,142 homes, up 19.6 percent from the same period in ’20. 

 

Sustained demand over the last year has sapped the supply of available homes and caused prices to climb. Active listings for all property types fell to 22,794 homes in April ’21, down 42.9 percent from April ’20. The average price for a single-family home was $371,854, up 20.0 percent from the same month last year. 

“In my 20 years in real estate, I have never seen such dramatic forces sweeping across the Houston housing market as we have experienced since the coronavirus pandemic began,” said HAR Chairman Richard Miranda with Keller Williams Platinum. “The market is humming along at a record pace, fueled by low mortgage rates despite dwindling inventory and rising prices. However, without a healthy boost in new listings in the weeks and months ahead, the current pace of sales cannot be sustained.”

Historically low mortgage rates have strengthened home sales during the pandemic. The economic downturn has not hindered the housing market largely because job losses have disproportionately impacted lower-income workers who are more likely to be renters. 

Leases for single-family homes fell 3.4 percent in April while leases for townhomes and condominiums increased 15.1 percent. The monthly average lease for a single-family home was $1,960 in April, up 11.0 percent from a year ago. The average townhome/condominium lease was $1,688, up 8.0 percent.
 

 

By segment, year-over-year April single-family sales performed as follows:

•    $1 - $99,999: decreased 27.6 percent
•    $100,000 - $149,999: decreased 23.7 percent
•    $150,000 - $249,999: increased 5.1 percent
•    $250,000 - $499,999: increased 80.6 percent
•    $500,000 - $749,999: increased 132.2 percent
•    $750,000 and above: increased 164.3 percent

Days on Market (DOM), or the number of days it took the average home to sell, decreased from 58 days in April ’20 to 40 days in April ’21. The Houston area housing inventory supply is 1.4 months, below the national inventory supply of 2.1 months.  A 6.0-month supply is considered a balanced market. 
 

Prepared by Greater Houston Partnership Research
 

Josh Pherigo
Director, Data Analytics
713-844-3617
jpherigo@houston.org

Patrick Jankowski, CERP
Senior Vice President, Research
713-844-3616
pjankowski@houston.org

 

Key Economic Indicators Real Estate
$371,854

The average price for a single-family home in Houston in April '21.

9,105

Houston area realtors sold 9,105 homes in April '21.

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