Housing Inventory Hits 13-Year Low

Houston single-family home sales rose more than 11% in December compared to December 2011. Contracts closed on more than 5,000 homes. Inventory dropped to 3.7 months, the lowest level since the end of 1999.

Danny Frank, chairman of the Houston Association of Realtors, announced the figures in the organization’s monthly webcast.

“Two Thousand Twelve was a phenomenal year for the Houston housing market, thanks to the addition of more than 85,000 new jobs as well as continued low interest rates.”

The average price of a single-family home jumped more than 11% year-over-year to about $244,000. The median price — the figure at which half of the homes sold for more and half sold for less — rose nearly 8% to roughly $173,000. Both measures were historic highs for Houston.

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