HOUSTON (Houston Chronicle) – The supply of existing homes for sale in the area has fallen to its lowest level in 12 years, according to the Houston Association of Realtors (HAR).
Last month’s year-over-year home sales increase of 27.3 percent has helped reduce Houston-area inventory to a 4.1-month supply. Supply has not been this scarce since December 2000. HAR Chairman Wayne Stroman said the pace of sales for this time of year is unusually high.
“That has left fewer properties on the market and driven up prices,” Stroman said. The median price for single-family homes has risen 8.1 percent to $167,000.