HOUSTON (Houston Chronicle) – Local housing inventory has shrunk to its lowest level in more than ten years, reports the Houston Association of Realtors.
Housing inventory fell to a 4.4-month supply in October, the tightest since December 2001. The lowest inventory on record was logged in December 1999, with only 3.6 months of listings on the market.
Existing single-family home sales were up for the 17th month in a row, marking Houston’s second longest period of positive sales. A previous 37-month run of positive home sales ended in February 2007.