As you read here yesterday, the number of Houston single family (SF) homes sold in May 2014 declined compared to May 2013. The Houston Association of REALTORS® (HAR) released statistics indicating 7,145 SF homes were sold in May, 7.3% fewer than May 2013. As I predicted the number of SF homes sold in April 2014 was adjusted downward to 6,343. This represents a decline of 1.2% in April. I do not expect a steady decline in the number of SF homes sold. The early numbers indicate June’s numbers may be very near June 2013.
I was a bit optimistic about the inventory level. While we did see an increase of almost 900 homes, the resulting level was only 2.8 months. Shown below is the Inventory Graph
Prices for SF homes soared in May. The average price paid, the median price paid and the average price per square foot paid all hit record levels. The average price per square foot was $114. This price measure only increased to over more than $99 for the first time in April 2013.