HOUSTON – Area home sales scored double-digit gains in February, partly because of the deadly Texas freeze from February 2021 halting real estate activity.
According to the Houston Association of Realtors, single-family home sales increased 22.9 percent from February 2021 to 7,321 units sold. Sales were up 23.3 percent over February 2020, the last February with no freeze.
On a year-to-date basis, sales are 15.4 percent ahead of 2021’s record pace.
Pending sales jumped 23.6 percent. However, total active listings fell 10.7 percent.
The average price of a single-family home rose 13.4 percent to $395,871 while the median price increased 19.3 percent to $328,000.
Homes priced between $250,000 to $500,000 registered an 80.1 percent year-over-year gain, leading sales for the month. The $500,000 to $1 million cohort increased 72.3 percent right behind them, followed by the luxury-home cohort.
Sales for all property types rose 25.5 percent year over year. Total dollar volume increased 43.5 percent to $3.5 billion.
Single-family home inventory slid to a 1.3-months supply versus 1.5 months last February. The Texas Real Estate Research Center at Texas A&M University considers six to 6.5 months of inventory a balanced market.
Townhome and condominium sales jumped 35.9 percent with the average price up 22.4 percent to $266,366 and the median price up 26.8 percent to $225,000—both record highs.
Constrained housing inventory pushed consumers to the single-family rental market, which rose 23.8 percent year over year. Rents for single-family homes increased 6.5 percent to $2,052.
Townhome and condominium rentals fell 1 percent with rent increasing 7.9 percent to $1,767.
The Texas Real Estate Research Center has more information on housing: