May was another record-setting month for Houston home sales. The Houston Association of Realtors (HAR) reports total sales volume rose by nearly 50 percent from the same month a year ago, when the pandemic had severely dampened the real estate market.
The HAR numbers show single-family home sales in the Houston market rose 48.2 percent in May, compared with May of 2020. That marks the greatest single month year-to-year increase ever and marks the 12th straight month of year-over-year growth. For this year to date, Houston home sales are nearly 30 percent ahead of last year's pace.
Increased demand due to low interest rates combined with low supply continue to drive up prices. The average price for a single-family home in Houston rose nearly 30 percent in the past year, to just over $387,000. The median price rose 21 percent to $304,000.
“We are witnessing the most energized Houston real estate market in history,” said HAR Chairman Richard Miranda with Keller Williams Platinum. “Sellers maintain the upper hand, and buyers are not just meeting their demands. They are exceeding them, as we hear endless accounts of offers coming in that are thousands of dollars above list price. It’s difficult to predict how and when this incredible housing run will end.”