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Wednesday, January 08, 2020

Houston Real Estate in December: Sales up 14.7% YoY, Inventory Up 3.6%, Record Sales Year

by Calculated Risk on 1/08/2020 12:06:00 PM

From the HAR: The Houston Housing Market Charges Across the Finish Line for a Record 2019

Low mortgage interest rates, healthy employment growth and a stable supply of homes created fertile ground for the Houston real estate market, which blossomed to record levels in 2019. Single-family home sales for the full year surpassed 2018’s record volume by nearly five percent. December delivered the year’s strongest percentage increase in single-family home sales. However, as 2020 gets underway, housing inventory has shrunk slightly, which could narrow options for consumers that may be hoping to buy a home in the new year.

According to the Houston Association of Realtors’ (HAR) latest annual report, 2019 single-family home sales rose 4.8 percent to 86,205. Sales of all property types totaled 102,593, which represents a 4.3-percent increase over 2018’s record volume and marks the first time that total property sales have ever broken the 100,000 level. Total dollar volume for 2019 climbed 6.7 percent to a record-breaking $30 billion.
December single-family home sales jumped 14.3 percent year-over-year with 7,505 units sold. That marks the greatest one-month percentage increase of the year; Total December property sales increased 14.7 percent to 8,879 units;

Total active listings, or the total number of available properties, rose 3.6 percent from December 2018 to 38,504. Single-family homes inventory narrowed slightly from a 3.5-months supply to 3.4 months.
emphasis added
Sales set a record in 2019 and were strong in December.