HOUSTON – (Realty News Report) – Houston home sales fell 20 percent in May as the COVID-19 pandemic, combined with a downturn in the energy industry, hit the local market with a one-two punch.
Spring is usually one of the strongest seasons for home sales, but 2020 was an exception. May was the weakest May the Houston market has seen in eight years.
The Houston Association of Realtors reported 6,671 single-family homes sold in May 2020, down from 8,359 in May 2019.
“We will eventually work our way through these challenges, and already see positive indicators in the form of strong rental activity, solid pending sales numbers and steady attendance at property showings across greater Houston. Historically low interest rates still make conditions appealing to would‑be buyers,” said HAR Chairman John Nugent of RE/MAX Space Center.
The median price for single-family homes — the point at which half the homes sold for more and half sold for less — slipped 0.4 percent to $249,000. This marked the first month-over-month price decline since January 2018.
Sales of townhomes and condominiums fell even more sharply, plunging 36 percent in May with 417 units sold versus 652 in May 2019.
June 10, 2020 Realty News Report. Copyright 2020
Photo: Kenya Burrell