HAR: Houston area home sales in April up 47% from last year

Sales of single-family homes increased 47.4% from last April with 9,105 units sold compared to 6,175 a year earlier. (Courtesy of Houston Association of Realtors)

Low interest rates prompted customers to buy high-end homes at rates never seen before in April, sending prices to new highs while keeping inventories at historically low levels, the Houston Association of Realtors.

Single-family home sales rose 47.4% in April this year from April 2020 with 9,105 units sold versus 6,175, according to the group’s May market update released on May 12. all-time volume increase and eleventh consecutive month of positive market sales.

“In my 20 years in real estate, I have never seen such dramatic forces sweeping the Houston housing market as we have experienced since the start of the coronavirus pandemic,” said the president of HAR Richard Miranda with Keller Williams Platinum in press release. “The market is spinning at an all time high, fueled by low mortgage rates despite dwindling inventories and rising prices. However, without a sharp increase in new listings in the weeks and months to come, the current pace of sales cannot be sustained. “

Leading sales volume were homes $ 750,000 and over, with a 164.3% year-over-year increase, followed by the $ 500,000 to $ 750,000 segment, with an increase of more than 132%.

Meanwhile, the average price of single-family homes rose 20% to $ 371,854, while the median price rose 17.6% to $ 295,000, from $ 250,943 a year ago .

Despite a 26.8% increase in single-family home inventories, strong demand from buyers and surging sales pushed inventories down to 1.4 months from 3.4 months a year ago.

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