CORONAVIRUS AND AILING ENERGY INDUSTRY CONTINUE TO IMPACT HOUSTON

[Jhoana Olarte]

• Single-family home sales fell 20.2 percent year-over-year, with 6,671 units sold, marking the second straight month of declines fueled by the COVID-19 pandemic;
• The Days on Market (DOM) figure for single-family homes grew from 54 to 58 days;
• Total property sales dropped 20.7 percent, with 7,917 units sold;
• Total dollar volume dove 25.9 percent to $2.23 billion;
• The single-family home average price fell 7.4 percent to $298,199, the first decline since January 2018;
• The single-family home median price was statistically flat at $249,000;
• Single-family homes months of inventory was at a 3.5-months supply, down from 4.1 months last May and below the national inventory level of 4.1 months;
• Townhome/condominium sales dropped 36.0 percent, with the average price down 2.3 percent to $206,146 and the median price up 2.9 percent to $175,000;
• Single-family home rentals jumped 11.9 percent with the average rent down 2.8 percent to $1,822;
• Volume of townhome/condominium leases fell 4.6 percent with the average rent down 4.6 percent to $1,586.

Source: HAR