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Monthly Update: Home Sales

June '21
Published on 7/15/21
Monthly Update: Home Sales

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Houston-area realtors sold 10,638 single-family homes in June ’21, a new record for the month. It also represents a 13.6 percent increase from the same month last year, according to the Houston Association of Realtors (HAR). For the 12 months ending in June ’21, realtors sold 106,701 single-family homes, up 23.7 percent from the same period in ’20. 

For all property types (single-family, duplexes, townhomes, condos, and residential lots), realtors sold 13,090 units in June ’21, up 16.9 percent from June ’20. The 12-month total for all property types was 130,440 homes, up 27.0 percent from the same period in ’20. 
 

 

“The Houston housing market is in overdrive right now, and we know anecdotally that out-of-town investors have contributed to the frenzy,” said HAR Chairman Richard Miranda with Keller Williams Platinum. “We saw similar investment activity following Hurricane Harvey, and within a few months, the market stabilized. We expect stability to return this time around, so anyone in the market for a home who is frustrated by current market conditions needs to be patient.”

Workers most likely to buy homes have largely avoided the widespread pandemic-related job losses that have impacted lower-income workers who are more likely to be renters. Historically low mortgage rates have spurred unprecedented buying demand, which sapped supplies and sent prices soaring.  Inventory, or the number of months it would take current demand to deplete supply, reached a historic low of 1.3 months in April but edged up to 1.5 months in June. The national inventory is 2.5 months. A 6.0-month supply is considered a balanced market.

Leases for single-family homes fell 24.1 percent in June while leases for townhomes and condominiums were unchanged. The monthly average lease for a single-family home was $2,111 in June, up 10.6 percent from a year ago. The average townhome/condominium lease was $1,799, up 4.0 percent.
 

 

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

•    $1 - $99,999: decreased 35.2 percent
•    $100,000 - $149,999: decreased 40.7 percent
•    $150,000 - $249,999: decreased 25.1 percent
•    $250,000 - $499,999: increased 35.0 percent
•    $500,000 - $749,999: increased 87.0 percent
•    $750,000 and above: increased 136.5 percent

Days on Market (DOM), or the number of days it took the average home to sell, decreased from 57 days in June ’20 to 29 days in June ’21. 

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
10,638

Houston area realtors sold 10,638 homes in June '21.

$395,316

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

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