Strong October Sales Cut Housing Inventory

Contracts closed on just over 6,000 homes in October, according to the Houston Association of Realtors. That’s an increase of 13.5% from October 2012. The high rate of home purchases has pushed housing inventory down to just over three months.

“The three months of inventory is extremely low, considering that the country is at five months of inventory.”

Shad Bogany is chairman of the Texas Association of Realtors.

“Traditionally, you have a slowdown in the market in the fall, and we’re getting into the holiday season, so less people put their houses on the market.”

October contracts pushed the total value of year-to-date sales to $17.7 billion, passing the record set in 2007 by more than $1 billion.

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