HOUSTON (Greater Houston Partnership) – Existing single-family home sales are on a record-setting pace, according to data provided by the Houston Association of Realtors (HAR).
Area real estate agents sold 68,078 homes during the first nine month of this year, 22.1 percent more than the same period last year. If the current pace continues, more than 90,000 homes will be sold this year, making it the best year on record. The previous record was 88,799 homes in 2006.
Home sales are driven by the 300,000 jobs created since the recession ended in January 2010. New residents are moving to the area at a rate of 180 per day. In addition, incomes have increased. Median family household incomes stood at $65,854 in 2012, a 5.2 percent increase from 2009, according to the U.S. Census Bureau.
Active listings have dropped 42.2 percent from the July 2010 peak of 55,247 to 32,457 in September 2013. The city now has a 3.2-month inventory.
The median price of an existing single-family home sold through HAR rose from $164,800 in September 2012 to $181,570 in September 2013 — a 10.1 percent increase.
