2013 Was an Amazing Year for Houston Area Home Sales
While home prices rose and inventory shrunk to new record lows, December marked the 31st consecutive month of positive home sales. The outpouring of home sales in the Greater Houston area has been influenced by the addition of more than 86,000 jobs that drew buyers and renters from all around the country and world.
According to the latest monthly report prepared by the Houston Association of REALTORS® (HAR):
- Single-family home sales increased 14.3 percent year-over-year, accounting for the market’s 31st consecutive monthly increase;
- Total dollar volume jumped 24.2 percent, increasing from $1.4 billion to $1.8 billion on a year-over-year basis;
- Single Family Home Sales Broken Out by Price Range:
- $1 – $79,999: decreased 29.4 percent
- $80,000 – $149,999: decreased 7.7 percent
- $150,000 – $249,999: increased 19.6 percent
- $250,000 – $499,999: increased 40.7 percent
- $500,000 – $1 million and above: increased 29.8 percent
- A 2.6-month supply of inventory of single-family homes is the lowest level of all time and is lower than the national average of 5.1 months;
- 2.9 months inventory of single-family homes is down from 3.1 months in October 2013 and from 4.1 months in November 2012 while comparing to the national average of 5.0 months;
- Sales of townhouses/condominiums rose 15.4 percent year-over-year;
- Single-family home rentals rose 7.8 percent compared to December 2012 while rentals of townhouses/condominiums climbed 9.8 percent.