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Lowest absorption rate since 1999. Listing now before the Spring Rush could yield higher profits for sellers.
Housing inventory in Houston has now fallen below a four-month supply, dropping in December to 3.7 months from 5.8 months a year earlier. That is the lowest level recorded locally since December 1999. Inventory of 6.0 months is typically regarded as constituting a balanced real estate market. For perspective, the national inventory of single-family homes is 4.8 months, according to the National Association of REALTORS® (NAR).
|
CATEGORIES |
DECEMBER 2011 |
DECEMBER 2012 |
PERCENT CHANGE |
|
Total property sales |
5,381 |
6,055 |
12.5% |
|
Total dollar volume |
$1,138,410,040 |
$1,433,109,607 |
25.9% |
|
Total active listings |
42,083 |
33,554 |
-20.3% |
|
Total pending sales |
2,907 |
3,087 |
6.2% |
|
Single-family home sales |
4,524 |
5,039 |
11.4% |
|
Single-family average sales price |
$218,960 |
$243,797 |
11.3% |
|
Single-family median sales price |
$160,000 |
$172,500 |
7.8% |
|
Months inventory* |
5.8 |
3.7 |
-36.2% |
* Months inventory estimates the number of months it will take to deplete current active inventory based on the prior 12 months sales activity. This figure is representative of the single-family homes market.
Get the full report https://www.har.com/mls/dispPressRelease.cfm
