And yet AGAIN!  Houston home sales rose 15.5% compared to the same month last year, sending the months of inventory to 3.6 months (the average across the nation is 4.2 months).  This is the lowest level of inventory since December 1999.

This makes 21 consecutive months of increased home sales, sending median prices to their highest levels for a February in Houston.

HAR Chairman, Danny Frank, commented: 

“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 difference 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.” 

Compared to Feb 2012, the single family home average prices went up 9.6%.  Also going up since Feb 2012, were total property sales and total dollar volume.

As for townhomes and condos, they skyrocketed 35.8% compared to Feb last year.  Prices for townhouse/condos rose on average 5.7%.

As for the number of rentals, compared to Feb of last year, they were DOWN 16.3% (for single family homes) and DOWN 4.5% for townhomes/condos.  That being said, rental prices went UP:  single family homes average rent was $1515 = 6.6% more than last Feb, and townhome/condo average rent was $1397 = 10.9% more than last Feb.