My early analysis of available data from The Houston Association of REALTORS® (HAR) indicates that the number of single family homes sold in March will show an increase compared to March 2013. I expect the increase will be less than 10%. This will make March the 34th consecutive month with increased home sales when compared to the same month last year.
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Houston Association of REALTORS® (HAR), has released statistics for Houston home sales in February 2014. As reported here earlier, single family home sales increased 8.4% over February 2013, the 33rd consecutive month of sales increases. Watch HAR Chair Chaille Ralph discuss Houston’s February home sales.
Despite the lowest supply of homes for sale that the Houston housing market has ever seen, enough consumers purchased real estate in February to keep sales in positive territory for the 33rd straight month. That ever-shrinking housing inventory continues to push prices up in a basic display of supply and demand.
The graphic above demonstrates better than words how far the inventory of single family homes has fallen. In May 2011 the inventory of single family homes was 33,111 at the end of February the inventory was 15,870, a 52% decline. With a decline in inventory occurring while sales increased, the decline of inventory in months, the industry measure, was even more dramatic. During this same period, the annual rate of sales increased from 50,065 in May 2011 to 73,685 in February 2014, a 47% increase.
As you read here 11 days ago, Houston scored another month of increased single family (SF) home sales when compared to the same month last year. The Houston Association of REALTORS® (HAR) released statistics indicating 4,765 SF homes were sold in February, 8.4% more than February 2013.