Low Inventory Drives Houston Home Prices to Record High
by: Andrew Schneider, March 19, 2013 1:03:00 pm
Houston home sales rose more than 15 percent compared to February of 2012. The buying spree means local housing inventories remain at their lowest level in 13 years.
Danny Frank chairs the Houston Association of Realtors.
"The recent flurry of home buying and reduced inventory may seem unusual, but is exactly what the Houston market experienced back in the late 1990s. The difference is now we're seeing multiple offers and bidding wars.
"It totally points toward a sellers' market."
Shad Bogany is chairman of the Texas Association of Realtors.
"You're going to continue to see prices rise because of lack of inventory, lack of choices for buyers."
The average price of a single family home rose to more than two hundred twenty thousand dollars. That's up 10 percent from a year earlier and a record high for a February in Houston.