Business

Housing Inventory Hits 13-Year Low

December marked the nineteenth straight month that Houston home sales were in the black. That's according to the latest numbers from the Houston Association of Realtors.

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.

Subscribe to Today in Houston

Fill out the form below to subscribe our new daily editorial newsletter from the HPM Newsroom.

* required

Share

Andrew Schneider

Andrew Schneider

Politics and Government Reporter

Andrew heads Houston Public Media’s coverage of national, state, and local elections. He also reports on major policy issues before the Texas Legislature and county and city governments across Greater Houston. Before taking up his current post, Andrew spent five years as Houston Public Media’s business reporter, covering the oil...

More Information