HAR: Homes sales deplete inventoryHAR: Homes sales deplete inventoryhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=56882013-11-20T14:19:00Z2013-11-20T00:00:00Z

HOUSTON - Homebuyers sent housing inventory levels down to 3.1 months in October compared to 4.4 months one year earlier, but they also contributed to a record total dollar volume, according to the Houston Association of Realtors (HAR).

Home sales climbed 13.5 percent year-over-year, with contracts closing on 6,020 single-family homes. That is the lowest one-month sales volume since March 2013.

The median price of a single-family home rose 8.9 percent to $177,500. The average price increased 7.9 percent year-over-year to $239,773. Both figures represent the highest prices for an October in Houston.

Single-Family Home Sales
  Oct. 2012 Oct. 2013 Change
Home sales 5,303 6,020 13.5%
Average sales price $222,187 $239,773 7.9%
Median sales price $163,000 $177,500 8.9%
Months inventory* 4.4 3.1 -30.3%

*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}

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