HOUSTON – (Realty News Report) – Houston home sales, fueled by low mortgage rates, soared to a record high in 2020 and registered a 10 percent increase over 2019 sales.
Without taking the typical, seasonal November/December decline, homes sales surged at the end of the year.
The Houston Association of Realtors reports 96,151 single-family home sales were sold in 2020, a 10.5 percent increase over the 86,996 homes sold in 2019.
Covid slowed home sales significantly in April and May. Around that time, most health experts and the many of the nation’s consumers believed that Covid could be easily transmitted by touching surfaces, door knobs and light switches.
But then the market picked back up. Realtors returned to more normal showing procedures. The Federal Reserve influenced interest rates to remain low. And home sales continued to surge through the end of the year without taking pause.
“When the coronavirus pandemic struck, we expected the real estate business to hit a brick wall and never fathomed the possibility of 2020 becoming a record year for the Houston market,” said HAR Chairman Richard Miranda with Keller Williams Platinum. “HAR worked closely with elected officials to secure the ‘essential service’ designation for real estate, which cleared the way for our hard-working Realtor members to help consumers find the homes they needed. HAR’s virtual open house and virtual showing technology proved invaluable in enabling consumers to safely tour the properties that interested them.”
Sales in December were the strongest December on record. Typically, year-end sales in taper off as sellers and buyers focus on the holidays, celebrations and travel. That did not occur in 2020. In fact, December sales were the second strongest selling month in the history of Houston home sales.
December’s single-family home sales totaled 9,652, a 25.5 percent increase from December 2019, HAR said. That marked the seventh consecutive month that sales were on the rise. The median price rose 8.7 percent to an all-time high of $273,443. The average price increased 11.4 percent to $347,164 – another record-setting figure.
Total dollar volume for December soared 39.3 percent to $3.9 billion, HAR reported.
The inventory of homes for sale remains low. But it has not been much of a deterrent to keep buyers from buying.
Pending sales are strong. January should bring another month of exceptional sales activity.
Jan. 14, 2021 Realty News Report Copyright 2021
Record Houston Home Sales
Photo credit: Ralph Bivins Realty News Report Copyright 2020