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Posts from September 2012

Houston home sales reach greatest volume in five years

Posted on September 24, 2012 in

Houston Business Journal by Olivia Pulsinelli

Houston home sales in August — the area’s 15th straight month of positive sales — reached the greatest one-month volume the area has seen since August 2007, the Houston Association of Realtors reported Tuesday. Single-family home sales totaled 6,600 in August — a 20 percent increase from August 2011, HAR reports. Sales of all property types in Houston totaled 7,814, up 20.5 percent from the same month a year earlier. The average price and the median price for single-family homes reached their highest levels for an August in Houston. The average price increased 4 percent year over year to $224,464, and the median price was up 3.8 percent to $165,000. Forward-looking indicators also improved in August. Total pending sales at the end of August were up 8.3 percent from the same time last year, which indicates September sales will be strong, and active listings were down 16.9 percent from August 2011. The inventory of single-family homes fell to its lowest level in 10 years. It reached 4.9 months, down 30.4 percent from the same time a year earlier. Since December, Houston’s housing inventory has remained below the six-month level, which is traditionally defined as a seller’s market, HAR reports.

Olivia Pulsinelli is the web producer for the Houston Business Journal’s award-winning website.