Home Sales Ease In September, But Inventory Is Tighter Than Ever
by: Andrew Schneider, October 15, 2013 11:10:00 am
Contracts closed on nearly 6,200 single-family homes in September. That’s the lowest one-month sales volume since March. It follows four months in which Houston home sales topped 7,000 units.
Shad Bogany is chairman of the Texas Association of Realtors. Bogany says the market typically slows down in September, but he adds this is still very much a sellers’ market.
“Townhomes and condo sales were up over 42%, which is just incredible. And I think a lot of that has to do with the lack of inventory in single-family homes, and so people [are] saying, ‘I’m just going to go to the next best thing at this point. I’m going to buy a condo or a townhouse.’”
Housing inventory is now down to 3.2 months, the lowest level on record for Houston. Most of September’s sales growth came from homes selling for more than $250,000.