Houston Home Sales Soar
Houston’s housing market began 2013 with its 20th consecutive month of positive home sales, which increased nearly 30 percent year over year, the Houston Association of Realtors reported last month.
In January, single-family home sales totaled 3,899, up 28.3 percent from January 2012. Sales of all property types totaled 4,680, up 29.1 percent from a year ago.
The average price and median price for single-family homes reached their highest levels for a January in Houston. The average price increased 3.4 percent year over year to $200,296, while the median price was up 7.2 percent to $150,000.
The total dollar volume for all properties sold last month jumped 33.6 percent year over year to more than $908.5 million. While all segments saw sales increase, homes priced from $250,000 through the millions experienced the biggest growth in sales, HAR noted.
Forward-looking indicators continued to improve, as well. Total pending sales at the end of January were up 13.5 percent year over year, and active listings were down 20.3 percent from January 2012.
Meanwhile, the inventory of single-family homes maintained a 13-year low. Inventory decreased 36.2 percent year over year to 3.6 months, matching a level last seen in December 1999.
"The Houston real estate market gained even more momentum as the new year began," HAR Chairman Danny Frank, with Prudential Anderson Properties, said in a statement. "We are maintaining a watchful eye on the local housing supply because a significant decline from current inventory levels could potentially have an adverse effect on sales and drive prices disproportionately higher."