Excerpt:
The Impact of the February 2021 Texas Freeze
When the local data was released, I highlighted the sharp increase in sales in Houston (up 25.6% year-over-year). From the Houston Association of REALTORS® (HAR): February Is a Strong Month for Houston Home Sales
Home sales scored double-digit gains in February, but part of the strong showing was because the statistics compared to last February, when that deadly Texas freeze halted real estate activity for days, and in some cases, even longer. Undistorted by the weather factor were the continued squeeze on inventory, which returned to its all-time low, and pricing, which due to limited supply and ongoing consumer demand, soared to record highs.
emphasis addedIn February 2022, the only region that showed a year-over-year increase was the South (an increase from the weak sales in 2021 due to the freeze). The other regions were down an average of 6.7% year-over-year compared to the 2.4% reported by the NAR for the entire country.
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This graph shows existing home sales by month for 2021 and 2022.
Sales declined 2.3% year-over-year compared to January 2021. This was the seventh consecutive month with sales down year-over-year.
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[and on inventory] According to the NAR, inventory increased to 0.87 million in February from 0.85 million in January. Inventory is now just above the record low.
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