The humming Houston real estate market is positioned for a record finish as it heads toward the final quarter of 2021.
Buyers kept the market alive this year despite persistently low inventory, according to the Houston Association of Realtors (HAR).
September sales of single-family homes totaled 9,226, a 1.5% increase from the same month last year, according to HAR’S September 2021 Market Update.
The average price of single-family homes rose 13.4% to $372,408, with the median price climbing 13.3% to $300,000. However, pricing overall has moderated after reaching record highs in June.
On a year-to-date basis, local home sales are 15.3% ahead of last year’s record pace and up 21.6% compared to 2019.
Homes priced $1 million or more led sales with a 34.6% year-over-year increase, followed by a 28.3% spike for homes priced between $500,000 and $1 million. Sales of homes priced between $250,000 and $500,000 came in third place with an increase of 27.4%.
Townhouse and condominium sales increased for the 13th consecutive month, rising 11.7% with 727 closed sales compared to last year’s 651. The average price rose 12.1% to $240,994, while the median price climbed 17.6% to $210,000.
Sales of all property types totaled 11,285, a 1.6% year-over-year increase. Total dollar volume for September increased 16.9% to $4 billion.
“The Houston housing market continues to show strength as we enter the fall season, which is traditionally the time of year the market slows,” said Richard Miranda, HAR chairman. “We are on track for another record year of sales. However, higher home prices and the potential of rising interest rates could impact buyer demand in the coming months.”