File photo
File photo
HOUSTON – Home sales plummeted in Houston, due in part to the unfamiliarity of people trying to buy a house over the computer during the COVID-19 pandemic.
Housing prices in the area remained steady, according to the Houston Association of Realtors (HAR).
“We were bracing for a rough report and we got it, and the numbers are likely to remain this way until more realtors and consumers adapt to the use of virtual technology through HAR.com to safely market, tour and purchase or rent homes,” HAR Chairman John Nugent told Community Impact Newspaper in a news release.
Because of social distancing and not seeing Realtors face to face, the Houston real estate market dropped by 21% in yearly figures and 20% in total dollar volume from April, according to HAR.
Despite the declines, home prices held steady. The median sales price for single-family homes rose 2.4% to $251,000, the highest price ever recorded for an April, while the average price held the same at $310,331.
“Every price point saw declines in sales volume, with significant drops in both the low and high ends of the market. Sales on homes valued at $750,000 and above fell 31.4%,” the Community Impact Newspaper report said.
Leasing activity also fell. There were 4.1% fewer single-family home rentals and 9.5% fewer condo leases for April.
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