Greater Houston saw the most significant increase in the U.S. for year-over-year home sales in February, according to the latest RE/MAX National Housing Report. Home sales were up nearly 21% from the same month in 2021.
The report revealed data from 51 metro areas nationwide. Houston home sales topped the list with a 20.9% increase in February, followed by Boise, Idaho, at 18% and Tulsa, Okla., at 10.5%.
Nationally, February home sales dipped nearly 1% from January.
Home prices across the report’s metro areas showed an upward trend after experiencing no such increase in January and four slight monthly declines in the second half of 2021.
The median home sale price in Greater Houston has reached a historic high of $325,000, the highest price recorded by RE/MAX, the report noted.
“New construction continues to drive home sales in Houston,” said Nimesh Patel, broker/owner of RE/MAX Fine Properties in Sugar Land. “We’re seeing more and more new home starts, allowing us to sell more inventory. Because of supply chain issues, prices are rising higher and higher and the cost is being passed to the consumer.”
Patel said that buyers are exercising more caution as inflation and the cost of consumer goods continue to rise. He added, “However, there is no immediate concern. We do not foresee a slowdown anytime soon in the Houston market.”