The Houston Association of Realtors (HAR) have announced the September 2012 property sales statistics, which show homes in Houston have continued to rise for 16 consecutive months. While monthly sales volume lightened up a bit compared to August, there was enough movement to lower available housing inventory to levels not seen since March of 2002.
Single-family home sales rose 8.7% compared to last year, and contracts closed on 5,014 homes in September alone, driving inventory down to 4.7 months according to HAR. Only low-end housing experienced a decline in sales.
"Demand for homes throughout Houston continues to outpace supply as we transition into the fall season," said Wayne Stroman with HAR. "Home sales traditionally begin to taper off this time of year, so we are not worried about inventory declining to unhealthy levels. For those considering selling a home, current market conditions present excellent opportunities, and with interest rates falling to new record lows, this also remains an outstanding time to buy."
The single-family home average price increased 4.7% year-over-year to $220,992, the highest level for Houston in the month of September. The median price rose 6.1% to $165,000, which is also a record breaker for Houston in September.
Foreclosure sales declined 12.5% compared to last year, according to the Multiple Listing Service (MLS). Foreclosures made up over 16% of all the property sales, the lowest one-month sales volume all year. This is likely due to the sales decline among homes priced under $80,000.
Total sales of all property types in Houston increased by 8.7% compared to last year with a total dollar volume increase of 13.9% from $1.1 billion to $1.2 billion within a year's time.