The housing market in much of the country is still sluggish while recovering from the recent recession, but Houston has seen impressive growth and shows no signs of slowing down. Single family home sales have risen 16.2% since 2012, and this August marks the 27th consecutive month of positive home sales. An astounding 7,504 contracts closed on single family homes in August, with an average price of $260,607, a 16.4% increase since last year. Sales of homes in all price except the under $80,000 range saw growth, with the greatest increase in the $250,000 through millions category.
As we reported last month, there was a small increase in months of inventory during July, but that has disappeared, bringing the months of inventory back to 3.3 months. (For those of you who need a refresher, months of inventory refers to the length of time it would take for every available home on the market to sell.) In August of 2012, months of inventory was at 4.9, meaning there are many fewer homes on the market this year.
According to HAR Chairman Danny Frank, “This has definitely been a summer sales season unlike any we have seen before. Our small bump in inventory in July was short-lived as consumers bought faster than homeowners sold in August. It’s difficult to say exactly when Houston’s boiling real estate market will begin to cool down.”
It’s certainly been a big month for the Houston housing market. Compared to last August, this year saw positive growth in total property sales, total dollar volume, average price and median price. Who knows how long the market will stay so strong? There’s never been a better time to list your home with Circa!
For more information, please visit: http://www.har.com/mls/dispPressRelease.cfm?MONTH=09&YEAR=13