As Seen In...
Houston housing hits another high note
October 17, 2013
Houston-area home sales spiked last month as job growth, low mortgage rates and a pent-up demand had buyers scrambling for homes.
September marked the 28th straight month of positive single-family home sales, according to the Houston Association of Realtors, which released its monthly housing report Tuesday.
The pace of home buying drove inventory down to 3.2 months, meaning it would take that long to sell all of the homes on the market based on recent activity. In August there was 3.3 months worth of inventory and last year there was 4.7 months.
Sales jumped 23.5 percent last month, with buyers closing on 6,168 contracts, according to the report, which tracks properties sold through the Multiple Listing Service in Harris, Fort Bend and Montgomery counties, as well as parts of Brazoria, Galveston, Waller and Wharton counties.
The median price of a single-family home — the figure at which half the homes sold for more and half for less — rose 10.2 percent to $181,750.
“Home prices have steadily risen all year and I’m often asked if our market risks experiencing a bubble. That only becomes a possibility if we don’t soon see a reversal in our shrinking inventory of homes — the fundamental concept of supply and demand,” the associations chairman Danny Frank said in a statement.
Sales of homes priced less than $80,000 fell in September with the bulk of the increases coming in the higher end of the market. Here’s the breakdown:
Other highlights from the report included:
Click here for the original article.