In April, CultureMap reported that Houston was in the midst of a home “buying bonanza,” with April showing the tenth straight positive month of sales.
Showing no signs of slowing, Houston single-family homes sales surged 48.2 percent compared to last May, with 9,702 units sold versus 6,546 a year earlier. Those new stats come courtesy of the Houston Association of Realtors (HAR) Market Update.
For some perspective, this marks the greatest one-month year-over-year sales volume increase of all time and is the market’s twelfth consecutive positive month of sales, per HAR. Additionally, local home sales are already besting 2020’s record pace by 29.5 percent, the report adds.
Illustrating the explosion, sales of all property types totaled 12,100, which is the second highest volume of all time, per HAR. (That is up 55.5 percent from May 2020.) May’s total dollar volume skyrocketed 100.5 percent to $4.4 billion.
While first-time buyers have been dominating the market, notably, homes priced from $750,000 and above led the way in May sales volume, shattering all previous measurements with a massive 291.0 percent year-over-year increase. Homes ranging $500,000 to $750,000 followed and rocketed 166.0 percent, HAR notes.
Not surprisingly, this scorching market has sparked a significant rise in price. In May, the average price of a single-family home in Houston rose 29.7 percent to $387,105, while the median price increased 21.7 percent to $304,000, per the report.
“We are witnessing the most energized Houston real estate market in history,” said HAR chairman Richard Miranda with Keller Williams Platinum. “Sellers maintain the upper hand, and buyers are not just meeting their demands. They are exceeding them, as we hear endless accounts of offers coming in that are thousands of dollars above list price. It’s difficult to predict how and when this incredible housing run will end.”