Houston Real Estate Highlights in May

[Jhoana Olarte]

• Single-family home sales increased for the twelfth consecutive month, up a dramatic 48.2 percent year-over-year with 9,702 units sold;
• The Days on Market (DOM) figure for single-family homes dropped from 58 to 34;
• Total property sales rose 55.5 percent with 12,100 units sold – the second highest volume in history;
• Total dollar volume increased 100.5 percent to $4.4 billion;
• The single-family average price reached a new record high, rising 29.7 percent to $387,105;
• The single-family median price rose 21.7 percent to $304,000 – also a record high;
• Single-family homes months of inventory registered an historic low 1.4-months supply, down from 3.3 months year-over-year and below the national inventory of 2.4 months;
• On a year-to-date basis, single-family homes sales are running 29.5 percent ahead of 2020’s record pace.
• Townhome/condominium sales jumped 103.4 percent with the average price up 15.7 percent to $238,839 and the median price up 21.7 percent to a record high of $213,000;
• Single-family home rentals fell 26.8 percent with the average rent up 10.6 percent to a record high $2,025;
• Townhome/condominium leases declined 3.5 percent with the average rent up 8.5 percent to $1,716.