HAR: Low housing inventory boost pricesHAR: Low housing inventory boost priceshttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=48942014-02-19T06:59:00Z2014-02-19T00:00:00Z

HOUSTON - Home sales recorded a 32nd stright month in positive territory in January. The supply of homes matched December's 2.6 months of inventory, but compared to a 3.6-month supply in January 2013.

Home sales climbed 1.7 percent year-over-year — the smallest one-month sales increase since June 2011. January single-family home sales totaled 3,957, which is the lowest one-month sales volume since February 2012.

The combination of shrinking inventory and heavy sales activity among homes between $200,000 and $600,000 pushed pricing up significantly in the year-over-year comparison.

Home prices reached the highest levels ever recorded in Houston for a January. The single-family median price climbed 18.0 percent from last year to $177,000 and the average price soared 22.0 percent year-over-year to $244,070.

Single-Family Home Sales
  Jan. 2013 Jan. 2014 Change
Home sales 3,889 3,957 1.7%
Average sales price $200,079 $244,070 22.0%
Median sales price $150,000 $177,000 18.0%
Months inventory* 3.6 2.6 -27.3%

*Months inventory estimates the number of months it will take to deplete current active inventory based on the prior 12 months sales activity. This figure is representative of the single-family homes market.

Houston Association of Realtors
Houston-The Woodlands-Sugar Land
http://har.com/newsroom/Read more at {Source}

 Search NewsTalk Texas