HOUSTON – After the area’s 13-month run of positive sales was interrupted in July, sales volume increased in August with inventory levels improving and prices showing signs of moderation while remaining higher than last year.
According to the Houston Association of Realtors’ (HAR) Aug. 2021 Market Update, single-family home sales rose 8.5 percent from August 2020, up from 9,118 sales to 9,890. On a year-to-date basis, local home sales are 17.4 percent ahead of 2020’s record pace.
Total dollar volume jumped 26.7 percent over the year to more than $4.3 billion.
Pricing eased a bit since setting record highs in June. The median single-family home price climbed 15.2 percent to $310,000, while average price increased 14 percent to $380,233.
Active listings fell 14.4 percent to 27,555 homes for sale. Pending single-family sales increased 8.9 percent to 10,431.
Total days on market for single-family homes were nearly cut in half from August 2020, falling from 51 to 26 days. Months of inventory fell to 1.9 months. The Texas Real Estate Research Center considers six to 6.5 months of inventory a balanced market.
According to HAR, homes priced at $750,000 and above had the largest jump in sales, increasing 48.5 percent year over year. That was followed by the $250,000 to $500,000 segment, which rose 31.8 percent.
August sales of townhouses and condominiums increased for the 12th consecutive month, jumping 27.1 percent with 807 closed sales versus 635 a year earlier.