Housing Inventory Hits 13-Year Low

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December marked the nineteenth straight month that Houston home sales were in the black. That's according to the latest numbers from the Houston Association of Realtors.

Houston single-family home sales rose more than 11% in December compared to December 2011. Contracts closed on more than 5,000 homes. Inventory dropped to 3.7 months, the lowest level since the end of 1999.

Danny Frank, chairman of the Houston Association of Realtors, announced the figures in the organization’s monthly webcast.

“Two Thousand Twelve was a phenomenal year for the Houston housing market, thanks to the addition of more than 85,000 new jobs as well as continued low interest rates.”

The average price of a single-family home jumped more than 11% year-over-year to about $244,000. The median price — the figure at which half of the homes sold for more and half sold for less — rose nearly 8% to roughly $173,000. Both measures were historic highs for Houston.

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Andrew Schneider

Business Reporter

Andrew Schneider joined KUHF in January 2011, after more than a decade as a print reporter for The Kiplinger Letter...