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Housing Inventory Contracts To 2.9 Months In November

Houston's housing supply dropped to an all-time low in November, according to the Houston Association of Realtors.

The supply of single-family homes dropped to less than three months of inventory in November. That’s down from just over four months in November of 2012. The tight supply helped push the average price of a single-family home to just under $246,000, up more than 8% from a year ago.

Jed Kolko is chief economist for online real estate marketplace Trulia. He says the Houston market is now slightly overvalued, but that it’s far from bubble territory.

“Right now, about 56% of homes listed for sale in the Houston area are within reach of a middle-class household. Compare that to about 14% in the San Francisco area and 25% of homes in the New York metro area. Even though prices look a little bit overvalued in Houston, Houston remains much more affordable than most other big metro areas around the country.”

Single-family home sales in Houston totaled just over 5,100 in November — the lowest one-month sales volume since February. 

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Andrew Schneider

Andrew Schneider

Politics and Government Reporter

Andrew heads Houston Public Media’s coverage of national, state, and local elections. He also reports on major policy issues before the Texas delegations in the U.S. House and Senate, as well as the Texas governorship, the state legislature, and county and city governments. Before taking up his current post, Andrew...

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