64ºF

HAR: Houston housing market sees record sales for June, despite COVID-19

photo

HOUSTON – The Houston Association of Realtors released some data Wednesday showing that the local housing market for June beat 2019 sales.

According to HAR, the stay-home orders in March and April led to pending sales for May, which drove sales up to normal summer level and surpassed the 2019 record pace for the month.

Over 1,200 more homes were sold in June 2020 than in June 2019, according to HAR.

“That translated to a 15.7% jump – a strong rebound from two straight months of declines brought on by coronavirus and ongoing strains in the energy industry,” HAR said.

Most of the homes sold were in the $250,000 to $500,000 range, but homes listed in the $500,000 to $750,000 jumped 18.6%, according to HAR.

“Coronavirus has driven the Houston housing market into uncharted territory. However, we do know for certain that consumers have shown unwavering interest in real estate since the pandemic began,” said HAR Chairman John Nugent, with RE/MAX Space Center. “HAR’s early introduction of virtual open houses and virtual showings has enabled consumers to forge ahead with house-hunting plans without compromising health and safety, and historically low-interest rates have remained a strong incentive to buy.”

However, the bump could be short-lived.

Due to the shrunken inventory and the new rise in coronavirus cases, HAR is anticipating another dip in the local housing market come fall.

HAR also said leases of condominiums and flats did not change and the average price of a single-family home has increased to $262,000 from $252,900.

For more in-depth data, visit the HAR website.


About the Author: