HAR: Houston home sales soar in OctoberHAR: Houston home sales soar in Octoberhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=89672012-11-26T14:52:00Z2012-11-26T00:00:00Z

HOUSTON - Single-family home sales skyrocketed 32.7 percent in October 2012 compared to October 2011, according to the latest monthly data prepared by the Houston Association of Realtors (HAR), and accounted for the 17th consecutive month of positive sales.

Contracts closed on 5,379 homes, driving inventory down to 4.4 months, a level last seen in December 2001. All segments of the housing market saw gains in October, with the steepest among homes priced above $250,000.

Total dollar volume shot up 47.2 percent, increasing from $945 million to $1.4 billion on a year-over-year basis.

At $223,366, the single-family home average price reached the highest level for an October, and at $163,000, the single-family home median price also reached an historic high for an October.

Single-Family Home Sales
  Oct. 2011 Oct. 2012 Change
Home sales 4,054 5,379 32.7%
Average sales price $206,255 $223,366 8.3%
Median sales price $149,900 $163,000 8.7%
Months inventory* 6.6 4.4 -32.9%

*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://www.har.com/newsroom/Read more at {Source}

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