HOUSTON – (Realty News Report) – Houston home sales fell 20 percent in May as the Covid-19 pandemic, along with a decline in the energy industry pounded the Houston market with a one-two punch.
Spring is normally a time for strong home sales. But not this year. May 2020 was the worst May in eight years.
Houston Association of Realtors reported 6,671 single-family homes sold in May compared to 8,359 in May of 2019.
“We will eventually work our way through these challenges, and already see positive indicators in the form of strong rental activity, solid pending sales numbers and steady attendance at property showings across greater Houston. Historically low interest rates still make conditions appealing to would-be buyers,” said HAR Chairman John Nugent with RE/MAX Space Center.
The single-family home median price (the figure at which half of the homes sold for more and half sold for less) fell 0.4 percent to $249,000. It was the first price decline since January 2018.
Townhome and condominium sales plunged 36 percent in May, with 417 units sold compared to 652 one year earlier.
June 10, 2020 Realty News Report Copyright 2020
Photo: by Kenya Burrell
2 comments
Isn’t a portion of the decline in transactions directly due to the percentage of less listings????
Leigh Anne Ahr
Proximity Commercial Advisor
True, Leigh Anne – That listing shortage has been a drag on the market… But decline of 20 percent is a big double-whammy – oil layoffs and covid.