Houston Home Inventory Tight But Steady In June, As Sales Accelerate
by: Andrew Schneider, July 17, 2013 5:07:00 am
The Houston Association of Realtors says home sales are up 13% compared to June of last year. Contracts closed on more than 7,200 single-family homes. Houston housing inventory held steady at levels set in May.
Shad Bogany is chairman of the Texas Association of Realtors.
“We’re right at about 3.3 months of inventory, which is still a sellers’ market, but it had been decreasing the last couple of months, and now it’s kind of leveled off in the month of June.”
Bogany says supply is still constricted by lack of credit for construction. That’s supporting the run up in prices in most neighborhoods. But he says there are exceptions.
“Anything inside the 610 Loop — the Heights area, the River Oaks area, throughout there, West U — anything inside the Loop is probably overheated right now.”
The average price of a single-family home rose 14% from last June to a record $268,000.