April marked the eleventh straight month of growth in Houston home sales. Total sales and sales of single-family units registered increases of nearly 10% each over April of 2011.
Sales rose in nearly all segments of the market. The sole exception, homes going for $80,000 or less, saw a near 10% drop in sales from April of last year. The average price of a single-family home rose by 11% year-over-year to $223,000.
Rising demand pushed down the inventory of single-family homes by 27% compared to a year earlier. The Houston Association of Realtors expects tighter inventory will continue to push prices upward and spur new home construction in the coming months.