We will discuss the latest Houston housing market trends. Buyers kept the Houston real estate market humming in December, despite persistently low inventory. Homebuyers took advantage of historically low mortgage interest rates throughout 2021. Single-family home sales exceeded the record volume set in 2020 by more than 10%, while total dollar volume increased nearly 32% to a record $47 billion, as reported by HAR.
In 2022, Houston homeowners are boosting sales by resisting higher mortgage rates and a scarcity of available properties. Despite the hurdles faced by low inventory, record-setting pricing, and rising borrowing rates, home sales in Houston continue to move upward. In March 2022, sales of single-family homes increased by 4.1 percent to 9,693. Sales of all property kinds increased by 4.3 percent year on year, totaling 12,149, while total dollar volume increased by 15.7 percent to $4.6 billion.
While housing inventory peaked at 1.8 months supply in August amid continued strong sales and dwindling new listings, the supply gradually began to taper each month after that, ending the year at 1.4 months supply – the second-lowest in 2021. As of March 2022, single-family homes inventory slid to a 1.3-months supply versus 1.8 months last March. It is now just slightly above the lowest level of all time