Houston housing market breaks sales records for second consecutive year

The Houston housing market is off to a great start this year. Believe it or not, 2020 was a record-breaking year for home sales, even with the dark cloud of the pandemic rearing its ugly head. According to Houston Area Realtors, 96,151 single-family homes were sold in 2020 versus 86,996 in 2019, the last record-setting year: a more than 10% increase.

The designation of real estate as an essential service gave the industry a much-needed boost after the March and April stay-at-home orders eased up. Interest rates were already low, and buyers were out in force to take advantage of the new market landscape. Virtual home showings and open houses were in full swing during the stay-at-home period, but continued to flourish throughout the remainder of the year. The chart below compares the total numbers from 2019 and 2020:

HAR.com, January 2021

An unfortunate downside to that record sales activity last year is that now the inventory is significantly lower than normally expected this time of year. But things are still bright, since interest rates are still very desirable. And patience does eventually pay off if you’re still looking for that perfect home.