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Monthly Update: Home Sales

January '20
Published on 2/13/20
Annual Home Sales

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Houston-area realtors sold 4,699 single-family homes in January, up 14.3 percent from the same month last year and the best January on record, according to data from the Houston Association of Realtors (HAR). The strong start shows that sales remain strong after a record-breaking year in ’19. The 12-month running total inched up to 86,883 single-family sales, the seventh consecutive month for record-setting closings. 

 

Home Sales - jan 20

“January is a traditionally slower month for home sales coming off the holidays, but the Houston market continues to benefit from low mortgage interest rates and a generally robust economy with healthy employment numbers,” said HAR Chairman John Nugent with RE/MAX Space Center. “All the January home buying activity lowered our housing inventory a little, but we expect to see that grow again as we approach the spring months when more homes typically hit the market.”

Active listings for single-family homes totaled 24,357 in January ’20, down 1.8 percent from January ’19. 

January was also a strong month for leasing activity in Houston. Single-family rentals jumped 14.5 percent from January last year, while rentals of townhomes and condominiums increased 5.6 percent. Lease rates for single family homes rose 1.7 percent to $1,782, while leases for townhomes and condominiums averaged $1,598, a 5.9 percent increase. 
 

 

 

Home Sales table - Jan 20

Sales of lower-priced homes remained weak, while sales of mid-tier home remain robust. The decrease in sales of homes priced under $150,000 is due to a lack of inventory in that price range, not a lack of demand. By segment, January ’20 single-family sales compared to January ’19 sales performed as follows:

•    $1 - $99,999: decreased 18.5 percent
•    $100,000 - $149,999: decreased 9.8 percent
•    $150,000 - $249,999: increased 14.8 percent
•    $250,000 - $499,999: increased 25.6 percent
•    $500,000 - $749,999: increased 33.9 percent
•    $750,000 and above: increased 20.0 percent

Days on Market (DOM), or the number of days it took the average home to sell, stretched from 66 to 68.
 

Prepared by Greater Houston Partnership Research
 

 

Josh Pherigo
Manager, Research
713-844-3617
jpherigo@houston.org

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

 

Key Economic Indicators Real Estate
$297,831

The average price for a single-family home in Houston in November '19

4,699

Houston area realtors sold 4,699 homes in January.

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