HOUSTON – Despite constrained inventory, buyers kept the Houston’s housing market strong in September, positioning it for a record year.
According to the Houston Association of Realtors’ (HAR) September 2021 Market Update, single-family home sales rose 1.5 percent from September 2020 to 9,226 units sold.
On a year-to-date basis, local home sales are 15.3 percent ahead of 2020’s record pace and up 21.6 percent compared with 2019.
Total dollar volume jumped 16.9 percent over the year to $4 billion.
The median single-family home price climbed 13.3 percent to $300,000, while average price increased 13.4 percent to $372,408.
Active listings fell 12 percent to 27,238 homes for sale, highlighting the market’s constrained inventory. Pending single-family sales increased 11.1 percent to 9,540.
Months of inventory fell from 2.4 months in September 2020 to 1.8 months last month. The Texas Real Estate Research Center considers six to 6.5 months of inventory a balanced market.
Total days on market for single-family homes were nearly cut in half from September 2020, falling from 51 to 29 days.
According to HAR, luxury homes—those priced at $1 million and above—led the way in sales with a 34.6 percent year-over-year increase.
Total property sales inched up 1.6 percent to 11,285. September sales of townhouses and condominiums increased for the 13th consecutive month, jumping 11.7 percent.
The Texas Real Estate Research Center has more information on housing: