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Monthly Update: Home Sales

December '20
Published on 1/14/21
Monthly Update: Home Sales

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Houston-area realtors sold 9,652 single-family homes in December ’20, up 25.5 percent from the same month last year, according to the Houston Association of Realtors (HAR). Full-year single-family sales totaled 96,151 homes, up 10.5 percent compared to ’19. Sales of all property types (single-family, duplexes, townhomes and condos) totaled 115,523 homes in ’20, up 11.6 percent from ’19 and a new record high.

The housing market has remained strong during the pandemic largely because job losses have disproportionately impacted lower-income workers who are more likely to be renters. Among higher-income workers, historically low mortgage rates have prompted strong buyer demand.  

Active listings fell to 26,821 homes (all property types) in December, the fewest since December ’14. Inventory is down to a 1.9- month  supply, the lowest level in at least 25 years . Housing markets are considered balanced at 6.0 months’ supply. The average price for a single-family home sold in December ’20 was $347,164, up 11.4 percent from December ’19. 
 

“When the coronavirus pandemic struck, we expected the real estate business to hit a brick wall and never fathomed the possibility of 2020 becoming a record year for the Houston market,” said HAR Chairman Richard Miranda with Keller Williams Platinum. “As we enter 2021, we find ourselves in critical need of inventory if we are to sustain a healthy pace of home sales.”

The number of leases signed for single-family homes fell 14.5 percent in December while leases for townhomes and condominiums rose 13.1 percent. The monthly average lease for a single-family home was $1,899 in December, up 7.5 percent from a year ago. The average townhome/condominium lease was $1,641, up 3.6 percent.

 

 

 

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

•    $1 - $99,999: decreased 15.7 percent
•    $100,000 - $149,999: decreased 20.2 percent
•    $150,000 - $249,999: increased 13.2 percent
•    $250,000 - $499,999: increased 44.6 percent
•    $500,000 - $749,999: increased 80.8 percent
•    $750,000 and above: increased 54.0 percent

Days on Market (DOM), or the number of days it took the average home to sell, decreased from 63 days in December ’19 to 46 days in December ’20. The housing inventory nationally stands at 2.3-months’ supply.  
 

 

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
$347,164

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

9,652

Houston area realtors sold 9,652 homes in December '20.

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