July 27, 2021
Real Estate

Sales of luxury homes drive Houston housing market to new highs

Houston home sales reached new highs in June as a surge at the upper end of the market pushed prices to record levels.

The median home price rose 20 percent over the year to $314,500, according to the Houston Association of Realtors’ monthly report. The average price shot up 23.7 percent to $395,316, also a record.

Home sales rose for the 13th straight month with buyers closing on 10,638 single-family homes in June, up 13.6 percent from June 2020’s level of 9,362 homes.

At the same time, sales have been happening at a torrid pace. Sellers shaved nearly a month off the time from listing to closing compared to the year-ago period, with the average time on market falling to 29 days in June, down from 57 days in June 2020 and the lowest on record.

Read full article here: www.houstonchronicle.com