THE HOUSTON REAL ESTATE MARKET ZOOMS INTO RECORD TERRITORY IN 2013
December home sales help push the year’s total dollar volume to an all-time high and inventory to an all-time low
HOUSTON — (January 21, 2014) — The Houston real estate market ended 2013 as it began: in the fast lane. Surging home sales throughout Greater Houston were largely driven by the addition of more than 86,000 jobs that drew buyers and renters from all around the country and world. December marked the 31st straight month of positive home sales and was a month in which prices again rose and housing inventory shrunk to new record lows.
According to the latest monthly data prepared by the Houston Association of REALTORS® (HAR), December single-family home sales increased 14.3 percent versus December 2012. Contracts closed on 5,813 homes, driving inventory down to 2.6 months supply, the lowest level of all time.
All housing segments saw gains in December except for the low end of the market—those homes priced at $80,000 and below. Homes priced from $250,000 and above registered the highest sales volume and accounted for another hike in prices.
“The Houston housing market had its best year on record in 2013, and those of us who work in real estate have never been busier,” said HAR Chair Chaille Ralph with Heritage Texas Properties. “Stewart Title Chief Economist and former HAR Chairman Dr. Ted C. Jones forecasts positive sales to continue in the new year, but at a slower pace. He anticipates about a 5 percent increase in home sales and a 6 percent gain in pricing. However, all that hinges on having homes to sell, and the local inventory is running extremely low.”
Read more: http://www.har.com/mls/dispPressRelease.cfm?MONTH=01&YEAR=14
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