Houston-area home sales in May up nearly 50% versus last year

Houston-area home sales in May up nearly 50% versus last year

Single-family home sales in the Houston area surged 48.2% percent compared to May 2020, when real estate was in the process of recovering from coronavirus-related lockdowns. (Courtesy Houston Association of Realtors)

Despite Houston-area inventory of single-family homes down to a 1.4-month supply, May single-family home sales jumped nearly 50% compared to May 2020, the Houston Association of Realtors has reported.

Single-family home sales were up 48.2% compared to a year ago, with 9,702 units sold versus 6,546 a year earlier, according to HAR’s June market update, released June 9. This is the market’s 12th consecutive positive month of sales and marks the greatest one-month year-over-year sales volume increase of all time, beating out increases seen in the Houston area in April.

“We are witnessing the most energized Houston real estate market in history,” said Richard Miranda, HAR chairman with Keller Williams Platinum, in the news release. “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.”

Like in April, homes priced $750,000 and above led May sales volume, with a 291% year-over-year increase. The $500,000-$750,000 segment followed at a 166% year-over-year increase.

However, because of limited inventory, strong buyer demand and increased construction costs, the year-over-year single-family home average price rose 29.7% to $387,105, and the median price increased 21.7% over the same period to $304,000.

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