According to the latest market report by HAR, December’s home sales increased 14.3 percent from year-over-year. An estimated 5,813 contracts closed in the month of December, driving inventory down to 2.6 months supply—the lowest in 12 months.
Single-family home prices increased 10.3 percent to $265,017 over December 2012, while the average home price increased 10.9 percent year-over-year to $188,500. Furthermore, foreclosure property sales increased 8.3 percent to $91,000.
“The Houston housing market had its best year on record in 2013, and those of us who work in real estate have never been busier,” said HAR Chair Chaille Ralph. “Stewart Title Chief Economist and former HAR Chairman Dr. Ted C. Jones forecasts positive sales to continue in the New Year, but at a slower pace. He anticipates about a 5 percent increase in home sales and a 6 percent gain in pricing. However, all that hinges on having homes to sell, and the local inventory is running extremely low,” stated Ralph.
Overall, December sales brought positive results to Houston’s real estate market. Month-end sales totaled 6,987; a 14.2 percent increase from December 2012. Similarly, total dollar volume for properties increased 24.2 percent to $1.8 billion in comparison to $1.4 billion from a year ago. All housing segments saw gains in the month of December, with the exception of homes priced under $80,000, HAR reported.
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