Houston home sales hit a new record, as October marked the 29th consecutive month for positive home sales, the Houston Association of Realtors reported.
According to HAR’s latest MLS Report, October sales climbed 13.5 percent from last year’s numbers— bringing inventory levels to a low 3.1 months supply when compared to the 4.4 months supply one year earlier.
Despite a tight inventory, 6,020 contracts closed in the month of October—the lowest one-month sales volume since March, HAR informed.
The median price of a single-family home rose 8.9 percent over October 2012 to $177,500, while the average price increased 7.9 percent year-over-year to $239,773—making up 7.9 percent of all property sales.
“Home sales have shown no sign of letting up, which illustrates the strength of the Houston economy and its continued job growth,” said HAR Chairman Danny Frank.
October sales brought positive results to Houston’s real estate market. Month-end sales totaled 7,322—a 14.7 percent increase from October 2012. Similarly, total dollar volume for properties increased 26.7 percent to $1.7 billion in comparison to $1.3 billion from a year ago. All housing segments saw gains in the month of October, with the exception of homes priced under $80,000, HAR reported.
All in all, total property sales, total dollar volume and average and median prices all saw gains.
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