The Houston housing market recorded its eight consecutive month of positive sales in January despite record-low inventory.
Single-family home sales jumped 27.7 percent year over year to 6,088, the Houston Association of Realtors reported. Total property sales for the month saw a 27.5 percent year over year increase to 7,519. All-in-all, total dollar volume for the month surged 42.8 percent to $2.3 billion.
Every housing segment priced at or above $150,000 saw a double-digit year over year percentage increase in sales in January: The luxury segment, homes priced at or above $750,000, saw a 73.9 percent increase in sales; Homes priced $500,000-$749,999 saw a 70.4 percent increase; and homes priced $150,000 -$249,999 saw a 11.3 percent increase.
Both the average and the median sales price for a single-family home in January increased -- The average price rose 12.5 percent to $326,063, and the median price rose 12.1 percent to $263,500.
Meanwhile, market supply did not keep pace with demand. Single-family home inventory in January 2021 plunged 31.3 percent year over year to a record-low 1.8-month supply, down from a 3.3 month supply in January 2020. Months of inventory estimates the number of months it would take to sell all the active home listings on the market today based on the pace of sales over the past year. Comparatively, the nation’s overall housing inventory currently stands at a historically low 1.9-months supply, according to the latest National Association of Realtors report.
In January, Houston homes spent an average of 48 days on the market, a 21 day decrease from January 2020.
“The Houston real estate market carried the momentum of 2020 into the new year; however, we believe that the current pace of sales is unsustainable without an infusion of new listings into the marketplace,” said HAR Chairman Richard Miranda with Keller Williams Platinum. “It’s our hope that as we move out of the winter months, more sellers will begin to put their homes on the market and help boost inventory to pre-pandemic levels.”