Consumers continue to snap up homes despite record low inventory and record-high prices throughout the greater Houston area! According to the latest Houston Association of Realtors (HAR) Market Update, sales of all property types hit the greatest volume of all time totaling 13,090 units sold making June 2021 the thirteenth consecutive month of positive sales.
Total dollar volume also soared 43.8% to a record-setting $4.8 billion with the luxury segment continuing to lead the way. Homes priced at $750,000 and above dominated with a 136.5% year-over-year increase followed by the $500,000 to $750,000 price range which climbed by a whopping 87%! The surge in the luxury markets pushed pricing to record-setting levels with the average sales price rising by 23.7% to $395,316.
The limited supply of available homes on the market, strong buyer demand, and increased construction prices all played a significant part in the pricing surge.