Houston Home Inventory Drops To 13-Year Low
by: Andrew Schneider, February 19, 2013 11:02:00 am
Single-family home sales achieved their highest year-over-year percentage increase since October, rising 28% compared to January 2012. Contracts closed on nearly 3,900 homes, shrinking inventory to its lowest level since December 1999.
“Basically what that means is prices are going to begin to rise.”
Shad Bogany is chairman of the Texas Association of Realtors.
“We’re getting calls from builders, and builders are all letting us know they’re raising their prices on their homes. And they’ve all said it had to do with material costs. With the less inventory, 3.6 months of inventory, basically what that says is that we’re going to have price increases on resales too, because there’s not enough houses to meet the demand.”
The average price of a single family home rose to more than 200,000, up 3% from a year earlier. The median price — the figure at which half of the homes sold for more and half sold for less — jumped to a $150,000. Both figures were record highs for a January in Houston.