Contracts closed on more than 7,500 single-family homes in August, up more than 16% compared to August of last year. It was the fourth-straight month in which home sales volume topped the 7,000 mark.
Shad Bogany is chairman of the Texas Association of Realtors.
“Typically, you’re going to see a seasonal slowdown usually in August, because school is beginning to start, and a lot of people want to have their kids already set to get ready to go into school. What we’re seeing right now is the activity of 2007 in 2013.”
Bogany says Houston’s high employment levels are driving the housing boom, as more people move to the region in search of work.
Inventory tightened again to 3.3 months, as buyers continued to outpace sellers. The average price of a single-family home rose by 16% year-over-year to more than $260,000. That’s a new record for August in Houston.