AUSTIN, Texas — Sales for real estate in the Houston metropolitan area climbed to their highest level in nearly three years as the region’s population boomed and demand for luxury condominiums and villas rose.
The surge of sales in Houston’s core and other parts of the Houston area comes amid concerns about a looming housing crunch and a lack of housing supply.
According to real estate data provider RealtyTrac, sales for residential real estate climbed 13.8% in January from the previous month, to reach a record high of 8.6 million.
That was followed by the 5.7% increase in commercial sales, to 8.5 million.
It was the biggest jump since August 2015, the month of Hurricane Harvey, when sales rose 19.3% to 6.8 million.
The Houston area had the second-highest average sale price in the U.S. behind New York, according to Realtytrac.
The median sale price of a single-family home in Houston rose 14.5% from January to March, compared to 8% nationwide.
The surge in sales is expected to help buoy the housing market, which is expected hit a new record high in 2021.
The number of sales was the highest since December 2008, when the housing bubble burst.
The U.N. is expecting the number of people living in the United States to reach 9.3 billion by 2021, the highest number since the Great Depression, according the International Monetary Fund.
Houston’s sales are expected to benefit from the surge in condo sales, which are expected, in part, to benefit new condos and apartments.
But some residents are worried about the lack of supply in the city, where the median price for a home is $1.3 million.