HAR: increased home sales for 34th consecutive monthHAR: increased home sales for 34th consecutive monthhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=44432014-04-11T23:44:00Z2014-04-11T00:00:00Z

HOUSTON - Single-family home sales increased for the 34th consecutive month, reaching 5,971 single-family homes in March 2014, a 3.7 percent increase over the 5,756 sold in March 2013, according to the Houston Association of Realtors.

Prices remain high while local inventory remains at a record low 2.6 months of supply for the fourth consecutive month. The inventory of single-family homes across the U.S. currently stands at 5.2 months, according to the National Association of Realtors.

Rentals of single-family homes rose 22.3 percent compared to March 2013 and townhouse/condominium rentals grew 12.4 percent. The average rent for a single-family home increased 5.2 percent year-over-year to $1,633 while the average rent for townhouses and condominiums rose 7.2 percent to $1,496.

Foreclosure property sales continued their freefall, dropping 45.3 percent compared to March 2013. Foreclosures now comprise 6.8 percent of all property sales, down from a 12.3 percent share a year earlier. The median price of foreclosures rose 8.7 percent to $93,500.

Housing Market Summary March 2013 vs. 2014
  Mar. 2013 Mar. 2014 Change
Total sales 6,975 7,277 4.3%
Total dollar volume $1,569,146,124 $1,809,673,861 15.3%
Total active listings 32,704 28,085 -14.1%
Total pending sales 4,433 4,596 3.7%
Single-family sales 5,756 5,971 3.7%
Average price $235,484 $261,329 11.0%
Median price $173,000 $189,900 9.8%
Single-family inventory* 3.5 2.6 -

* The number of months it will take to deplete current active inventory based on the prior 12 months of sales activity.
   Source: Houston Association of Realtors

For the full MLS Report, see Houston Association of Realtors. For more housing stats, see Houston Market Data Sources.

Houston Association of Realtors
Houston-The Woodlands-Sugar Land
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