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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.

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Disclaimer: The views and opinions expressed in this blog are those of the author and do not necessarily reflect the official policy or position of the HRIS.
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