Houston’s housing market inventory shrunk again last month as home sales continued with a strong pace even as the summer season drew to a close, theHouston Association of Realtors reported Tuesday.
Inventory decreased to 3.3 months, afterticking up slightly last month. August’s level is down 33.7 percent from the 4.9 months recorded in the same time a year earlier.
“This has definitely been a summer sales season unlike any we have seen before,” HAR Chairman Danny Frank, with Prudential Anderson Properties, said in a statement. “Our small bump in inventory in July was short-lived as consumers bought faster than homeowners sold in August. It’s difficult to say exactly when Houston’s boiling real estate market will begin to cool down.”
Single-family home sales increased 16.2 percent year over year to 7,504 in August, the Houston area’s 27th-consecutive month of positive sales. August also marked the fourth-consecutive month that sales exceeded 7,000 — a streak not seen since the spring of 2007.
Both the median price and the average price for single-family homes hit their highest levels for an August in Houston. The median price increased 12.8 percent year over year to $186,200, and the average price hit $260,607, up 16.4 percent from August 2012.
Sales of all property types totaled 8,908, up 16.4 percent from last year, and the total dollar volume for all properties sold last month shot up 35.6 percent year over year to $2.2 billion. All price segments experienced an increase in sales except for homes priced less than $80,000. That segment decreased 38.6 percent from August 2012.
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