Houston Home Sales Remained Strong in February
Data from The Houston Associations of Realtors’ (HAR) Market Update for February 2022 showed The Houston real estate market has continued its positive trend into the new year despite record-high prices and diminishing inventory across the city. Propelled by unwavering buyer demand, single-family home sales skyrocketed in February, increasing by 22.9% year-over-year compared to the previous year.
February proved to be another strong month for home sales, closing in at a total of 7,372 homes versus the 5,997 units sold last February. This large jump in sales can be attributed to the sudden halt in real estate activity during last year’s arctic freeze, which disrupted entire industries across the southern region of the U.S.
Prices for single-family homes grew to record highs last month. Fueled by a combination of inventory shortages and unfulfilled buyer demand, Houston saw a 13.4% increase in average sales prices and a 19.3% increase in median sales prices, compared to February of last year.
Steady consumer demand for single-family homes drove sales up for every price segment last month. Within the $250,000 – $500,000 range, sales saw an 80.1% gain year-over-year. This was preceded by a 72.3% increase for homes in the $500,00 to $1 million range and followed by a 33.5% increase for luxury properties priced at $1 million and above.
Days on the Market for single-family homes dropped from 48 days to 41. Additionally, months of inventory fell from 1.5 to 1.3, making it another record-setting number compared to the previous record low that was reached last spring at 1.6.