Last month over 97 hundred homes were sold in the Houston area - an all time high. Stewart Title Chief Economist Dr. Ted Jones explains. "People this past year spent more time at home in history. Therefore, that home impacted their life and quality of lifestyle more than it ever had done in the past. People appreciate their homes more than they did. And, at the beginning of 2021, we saw the lowest interest rates in history!" Jones adds another benchmark. "We had the highest median sales price in history for single family homes --- $304,000.00!
In May the sales for Single-family homes totaled $4,4000,000,000. (4.4 billion dollars) Jones says the biggest category of homes sold last month were those going for $750,000 or more. "I think when inflation goes up, we'll see the high end cool off a little bit, and we'll see a lot more pressure for demand for homes in a lower price range."
To see the latest Houston Area Real Estate Monthly Activity and Trends, click here.