Home sales continued to hum along in Houston, posting their sixth straight month of positive sales in November with another year-over-year increase, according to a new report from the Houston Association of Realtors.
Year-to-date, sales in November were up 4.1 percent, and year-over-year, sales for single-family homes rose 11.4 percent. The only sector of housing to not grow, actually, was luxury housing.
Carlos P. Bujosa, the chairman of HAR, said the association’s housing report, which also included a rise in pending sales and decline in months inventory, reflects a market that only continues to improve.
“The November report contains a lot of positive data that suggests the Houston real estate market is wrapping up 2011 on solid footing,” Bujosa said. “The Greater Houston Partnership has forecast that our region will add more than 84,000 jobs next year, and as long as that’s the case, we would hope to see further strengthening of the local economy, including real estate.”
In addition to the sales data, other positive developments included: single-family home median price reached its highest level ever for a November, increasing 2.6 percent to $154,950; average price, though it did decline 4.8 percent, was at its second highest level ever for a November, and total property sales totaled 4,676, a 10.6 percent increase year-over-year.
Finally, pending sales were up 16.6 percent for November, and single-family inventory dropped to just 6.2 months, 1.4 months less than January 2010 and almost two full months less than the national average.