Plunging Inventory Pushes Houston Home Prices To Record Highs
by: Andrew Schneider, May 21, 2013 12:05:00 pm
The Houston Association of Realtors reports April home sales were up 27% compared to a year earlier. Contracts closed on nearly 6,500 homes. That’s the largest one-month sales volume since August 2007.
“I think the main thing that’s pushing it is the lack of inventory that we have on the market, which is pushing the resale prices up.”
Houston Realtor Shad Bogany is chairman of the Texas Association of Realtors. Local housing inventory fell to 3.4 months in April, its lowest level in more than 15 years.
“I just hope that consumer realizes the market has changed, and I’m seeing clients myself bidding over the asking price ‘cause they want those homes.”
The strong demand and shrinking supply pushed the average price of a single-family home in Houston to a record high of nearly $254,000.