In February, house sales increased 15.5 percent over February 2012, according to the Houston Association of Realtors. The housing inventory is at 3.6 months which is the lowest supply of homes since December 1999. February was the 21st consecutive month that home sales increased with prices both average and median reaching an all-time high level for a February in Houston.
There were 4,407 closings on single-family homes during the month. Every housing segment increased except for those less than $80,000 signaling the likelihood of a crippled supply of available homes at that price point. The pricing increase was due to the greatest sales volume increase coming from homes selling at $250,000 to $500,000. Danny Frank, HAR chairman said, “The recent flurry of home buying and reduced inventory may seem unusual, but is exactly what the Houston market experienced back in the late 1990s. The differences is that now we are seeing multiple offers and bidding wars. We are still in a seller’s market, and I would advise anyone who is considering selling their home to consult a realtor who can price it right and handle all the details and paperwork, including sorting through whatever offers may come in.” The average price for a single-family home increased 9.6 percent year-over-year to $220,445. The median price, which is the figure where half of the homes sold for more and half sold for less, increased 7.9 percent to $161,700. This was also a record high for February. Sales for foreclosed properties decreased 23.4 percent compared to February of 2012. The median price of foreclosures increased 7.7 percent to $85,000. Total sales for all property types were 5,324, which was a 17.2 percent increase over the same month last year. Compared to the $887 million a year before, total dollar volume for properties sold increased 26.5 percent to $1.1 billion. When compared to February of 2012, the Houston real estate market had positive results in sales for all categories. Total property sales, total dollar volume, and average and median pricing all increased. The month-end pending sales in February were 3,887. This was a 12.7 percent increase. The number of available properties at the end of February decreased 20.9 percent to 33,361. Housing inventory has been at 3.6 months for two months consecutively. Inventory first shrunk below a five-month supply in August of 2012 and then shrunk to below a four-month supply last December. According to the latest report from the National Association of Realtors, single-family home inventory across the US remains at 4.2 months. February sales broken out by housing segment: $1 - $79,999 – an 18 percent decrease $80,000 - $149,999 – a 14.4 percent increase $150,000 - $249,999 – a 25.6 percent increase $250,000 - $499,999 - a 33.2 percent increase $500,000 - $1 million and above – a 24.4 percent increase Source: www.houston.culturemap.com Contact Us Follow us on Facebook Tweet with Us Join our LinkedIn Group View our Videos Sign up for our Property Management Tips
