July marked the region’s steepest one-month sales gain in nearly a year. Single-family home sales rose 27% compared to July 2011, benefiting all segments from lower-priced houses to luxury homes.
Wayne Stroman is chairman of the Houston Association of Realtors and CEO of Stroman Realty.
“Sales volume isn't achieving the record levels we experienced in 2006, before the recession, but you'd be hard-pressed to find a market performing as well as Houston, even as the national housing recovery continues.”
The strong sales activity has pushed local housing inventory to its lowest level in more than five years. Shad Bogany is chairman-elect of the Texas Association of Realtors and owner/broker of ERA Bogany Properties.
“Right now, we’re at about five and a half months of inventory, which basically says that this is a seller’s market in the Houston area.”
Bogany and the HAR both credit Houston’s healthy job market for the rise in home sales.