Montgomery County home sales jump 30 percent

MONTGOMERY COUNTY – Low inventory and low interest rates contributed to a 30 percent jump of existing home sales in Montgomery County for November.

According to figures compiled by the Houston Association of Realtors, 508 single-family homes were sold last month compared to 390 homes sold in November 2011. That marks the 18th consecutive month of positive home sales within the county.

The demand for homes drove down the supply to 2.9 months.

November’s total sales volume of $122.9 million was 33.9 percent ahead of the comparative month in 2011.

The median price of homes in the Lake Conroe area (northwest) increased 16.6 percent from $181,250 to $211,420 year over year. Homes in The Woodlands/Magnolia area (southwest) grew from $200,000 to $214,800.

The median price of homes dipped slightly in the rest of the county. Homes in the northwest area (Conroe) fell 1.6 percent to $121,000, while homes in the southeast area (New Caney/Porter) dropped 1.3 percent to $157,000.