HOUSTON – Even with limited inventory, the local housing market continued in positive territory with renters bringing necessary business to the leasing market after some declines.
According to the Houston Association of Realtors’ (HAR) November 2021 Market Update, single-family home sales rose 3.9 percent from November 2020, up from 8,010 sales to 8,320.
On a year-to-date basis, local home sales are 12 percent ahead of 2020’s record pace. Sales are up 22.2 percent from 2019, the previous record-setting year.
Total dollar volume increased 20.6 percent to $3.7 billion.
The median single-family home price climbed 16.3 percent to $314,000, while average price increased 12.6 percent to $383,807. Both are significantly high, if not record highs.
Total active listings fell 13.3 percent to 25,016 homes for sale. Pending single-family sales increased 19.3 percent to 9,069.
Total days on market for single-family homes dropped from 46 days last year to 35 days in November 2021. Months of inventory fell to 1.6 months. The Texas Real Estate Research Center considers six to 6.5 months of inventory a balanced market.
According to HAR, homes priced from $500,000 to $1 million had the largest jump in sales, increasing 49.1 percent year over year. That was followed by homes priced $240,000 to $500,000 with a 26.2 percent increase.
Sales of townhouses and condominiums increased for the 15th consecutive month, jumping 16.8 percent with 683 closed sales versus 585 a year earlier. The average price rose 16 percent to $258,970 and the median price shot up 10.5 percent to $210,000. Inventory fell from 3.7 months to 2.1 months.
Single-family lease homes rose 7.1 percent year-over-year. Leases of townhomes and condominiums increased 5.1 percent. The average single-family rent climbed 8.5 percent to $2,042, while the average rent for townhomes and condominiums increased 3.8 percent to $1,737.
The Texas Real Estate Research Center has more information on housing: