HAR: August single-family inventory dropsHAR: August single-family inventory dropshttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=95302012-09-21T11:47:00Z2012-09-21T10:00:00Z

HOUSTON - August marked the 15th consecutive month of positive home sales across the greater Houston area, with single-family homes selling at the greatest one-month volume since August 2007.

Sales of single-family homes rose 20 percent in August 2012 compared to August 2011, according to the monthly data prepared by the Houston Association of Realtors.

The average price of a single-family home increased 4.0 percent year-over-year to $224,464, the highest level for an August in Houston. The median price rose 3.8 percent to $165,000, also a record high for an August in Houston.

For the first time in more than ten years, the inventory of single-family homes fell below five months, dropping from 7.1 months a year ago to 4.9 months, a level the Houston market last observed in April 2002.

Single-Family Home Sales
  August 2011 August 2012 Change
Home sales 5,500 6,600 20.0%
Average sales price $215,835 $224,464 4.0%
Median sales price $159,000 $165,000 3.8%
Months inventory* 7.1 4.9 -30.4%

*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.

For the full MLS Report, see Houston Association of Realtors.

Greater Houston Partnership
Houston-The Woodlands-Sugar Land
http://www.har.com/mls/disppressrelease.cfmRead more at {Source}

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