Houston, we need housing inventory!
Houston’s housing inventory is quickly depleting. As of January, Houston’s inventory of available homes remained at a 2.6 month supply. This is down from the 3.6 months supply one year ago. Until there is more housing inventory on the market, there will be higher pricing than we saw throughout 2013 due to supply and demand.
According to the latest monthly report prepared by the Houston Association of REALTORS® (HAR):
- Single-family home sales increased 1.7 percent year-over-year, accounting for the market’s 32nd straight monthly increase;
- Single-family home sales broken out by price range:
- $1 – $79,999: decreased 46.3 percent
- $80,000 – $149,999: decreased 7.9 percent
- $150,000 – $249,999: increased 9.7 percent
- $250,000 – $499,999: increased 41.6 percent
- $500,000 – $1 million and above: increased 45.3 percent
- Total property sales rose 5.6 percent compared to one year earlier;
- Total dollar volume soared 26.8 percent, increasing from $905 million to $1.1 billion on a year-over-year basis;
- A 2.6-month supply of inventory of single-family homes is unchanged from December but down from a 3.6-month supply in January 2013 while comparing to the national average of 4.6 months;
- Sales of townhouses/condominiums shot up 25.8 percent year-over-year;
- Rentals of single-family homes rose 23.6 percent while rentals of townhouse/condominium units rose 13.3 percent.