HAR: Home inventory at historic low
HOUSTON – Houston home sales recorded a 30th straight month in positive territory in November. The supply of homes fell to 2.9 months of inventory compared to 4.1 months in November 2012.
Throughout 2013, inventory has dwindled from a 3.6-month supply in January to a 3.1-month supply in October, as more homes were being snapped up than were listed for sale, according to the Houston Association of Realtors (HAR).
Home sales climbed 3.3 percent year-over-year — the smallest one-month sales increase since June 2011. November single-family home sales totaled 5,108. That is the lowest one-month sales volume since February of this year.
The median price of a single-family home rose 8.7 percent to $181,000. The average price increased 8.4 percent year-over-year to $245,707. Both figures represent the highest prices for a November in Houston.
| Nov. 2012 | Nov. 2013 | Change | |
| Home sales | 4,943 | 5,108 | 3.3% |
| Average sales price | $226,699 | $245,707 | 8.4% |
| Median sales price | $166,500 | $181,000 | 8.7% |
| Months inventory* | 4.1 | 2.9 | -29.7% |
*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.
You might also like
TG Magazine
Check out the latest issue of our flagship publication.