The Houston real estate market’s strong start to the new year was abruptly interrupted in April as the full impact of the coronavirus outbreak was felt across Texas and the rest of the country. Stay-at-home directives and social distancing weighed on the market as Realtors® began transitioning to virtual open houses and virtual property showings that enabled consumers to safely and conveniently market and tour homes.
Prior to April, home sales had been outpacing 2019’s record volume as consumers took advantage of historically low interest rates. Despite the slowdown in April, year-to-date sales are still running 1.4 percent ahead of last year’s level.
Homes in every pricing category suffered losses, with the steepest declines at the low and high ends of the market. Leases of single-family homes also took a hit.
Houston Real Estate Highlights in April
- Single-family home sales fell 19.1 percent year-over-year, with 6,199 units sold, ending nine consecutive months of positive sales;
- The Days on Market (DOM) figure for single-family homes was unchanged at 58 days;
- Total property sales dropped 21.6 percent, with 7,192 units sold;
- Total dollar volume dove 20.4 percent to $2.14 billion;
- The single-family home median price rose 2.4 percent to $251,000, reaching an April high;
- The single-family home average price was flat at $310,331;
- Single-family homes months of inventory was at a 3.6-months supply, down from 3.9 months last April but above the national inventory level of 3.4 months;
- Townhome/condominium sales plunged 37.5 percent, with the average price up 11.9 percent to $227,577 and the median price up 12.2 percent to $181,750;
- Lease properties staged a negative performance, as single-family home rentals fell 4.1 percent with the average rent down 1.7 percent to $1,765; Volume of townhome/condominium leases fell 9.5 percent with the average rent down 1.2 percent to $1,565.