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Monthly Update: Home Sales

August '20
Published on 9/11/20
Monthly Update: Home Sales

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Houston-area realtors sold 9,195 single-family homes in August ’20, up 6.0 percent from the same month last year, according to the Houston Association of Realtors (HAR). Year-to-date sales totaled 60,358 single-family homes, up 2.8 percent from the first eight months of ’19.

Home sales have spiked since June after a brief drop during initial COVID-19 restrictions in the spring. The recent flurry of buying activity has sapped the market of supply. Inventories of single-family homes fell to 2.8 months, the lowest level since April ’15. Markets are considered balanced at 6.0 months’ supply. The average single-family home sales price was $334,256, up 7.8 percent from August ’19.

 

“August was the third straight positive month for Houston real estate, but with a dwindling supply of homes en¬tering the market, we expect sales volume to resume a more normalized pace for this time of year,” said HAR Chairman John Nugent with RE/MAX Space Center. “Consumers can still benefit from record low inter-est rates, however constrained inventory doesn’t offer them many housing options, which is unfortunate.” 

Active listings for all property types (single-family, duplexes, condos and townhomes) fell to 34,181 homes, down 23.0 percent from this time last year.

The number of leases signed for single-family homes fell 13.3 percent in August while leases for townhomes and condominium fell 13.7 percent. The monthly average lease rate for a single-family home was $1,961 in August, up 2.3 percent from the year-ago rate. The average townhome/condominium lease was $1,654, up 1.0 percent.

 

 

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

•    $1 - $99,999: decreased 34.2 percent
•    $100,000 - $149,999: decreased 31.4 percent
•    $150,000 - $249,999: decreased 4.4 percent
•    $250,000 - $499,999: increased 18.3 percent
•    $500,000 - $749,999: increased 34.4 percent
•    $750,000 and above: increased 40.3 percent

Houston’s 2.8 months’ inventory of single-family homes is down from 4.1 months a year earlier and somewhat tighter than the national average of 3.1 month. Days on Market (DOM), or the number of days it took the average home to sell, decreased from 53 days to 51 days. 
 

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
9,195

Houston area realtors sold 9,195 homes in August '20.

$334,256

The average price for a single-family home in Houston in August '20.

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