Contracts closed on nearly 7,800 Houston-area homes in the last month, up 28 percent from May 2012. The average home price reached nearly $257,000 dollars, up nine percent over the past twelve months. Chaille Ralph is chair-elect for the Houston Association of Realtors.
“Obviously, the low interest rates and low level of inventory, you know, has accounted for a lot of our growth this last month.”
Housing inventory is now down to 3.3 months, its lowest level since the 1990s. Shad Bogany is chairman of the Texas Association of Realtors.
“We’ve not even gotten into the summer season of June, July, and August, which is the really hot selling season. As long as I’ve been in this business, this is the best month we’ve ever had, and I’ve been here almost 30 years.”
Job creation is helping to fuel the demand for homes. The Texas Workforce Commission reports Houston employers added more than 111,000 jobs over the year ending in April.