The Houston area continues to have a very low selection of homes for buyers to purchase. Inventory has continued to drop since the beginning of 2020. We are currently at a 1.6-months historic low supply. When homes are priced per comparable sales, they go under contract in record time. This is illustrated by the days on market decreasing from 68 days last February versus 48 days this year.
Sales of homes priced over $250,000 surged in February. Homes in $750,000 and higher range jumped 64.9 percent compared to February 2020. Furthermore, the $500,000 to $750,000 housing segment grew 55.3 percent year-over-year.