Houston housing inventory in February fell to its lowest level since December 2008 as home sales grew briskly for the ninth straight month.
February sales of single-family homes soared 16.9% versus a year earlier, according to the Houston Association of Realtors, the biggest sales boost since August 2011. A surge in sales among homes priced between $80,000 and $250,000 combined with flat sales in the luxury-housing segment caused the average and median price to retreat slightly.
"Houston is reaping the benefits of great economic news in the form of more than 76,000 jobs created over the past year, according to the Texas Workforce Commission," said HAR Chairman Wayne Stroman. "It stands to reason that with new jobs being filled, these employees and their families will need housing."
According to the Bureau of Labor Statistics' latest data, Houston's unemployment rate stands at 7.3%, below the national rate of 8.3%.
Inventory of single-family homes in Houston sits at 5.6 months. The national average is 6.1 months.
The city's single-family home median price remained flat, dipping 0.7% year-over-year to $149,900.
Sales of foreclosures in February rose 21.1% from a year earlier, comprising 23.2% of all property sales, which, HAR said, is consistent with the levels observed over the past 12 months. The median price of foreclosures in February was unchanged at $79,000.
Click image to examine Houston sales figures in various categories: