Wednesday, February 12, 2020

Houston Real Estate in January: Sales up 15.2% YoY, Inventory Up 3.7% YoY

by Calculated Risk on 2/12/2020 01:03:00 PM

From the HAR: Houston Real Estate Enjoys a Strong Start to 2020

Fresh on the heels of a record-breaking 2019, home sales across greater Houston began the new year with a strong showing as consumers continued to take advantage of historically low interest rates. ...

According to the latest monthly Market Update from the Houston Association of REALTORS® (HAR), 4,699 single-family homes sold in January compared to 4,112 a year earlier. That represents a 14.3 percent increase – the seventh consecutive positive month and the greatest January sales volume hike in seven years.
Sales of all property types totaled 5,800, up 15.2 percent from January 2019. Total dollar volume for the month surged 17.1 percent to about $1.6 billion.

"January is a traditionally slower month for home sales coming off the holidays, but the Houston market continues to benefit from low mortgage interest rates and a generally robust economy with healthy employment numbers,” said HAR Chairman John Nugent with RE/MAX Space Center. “All the January home buying activity lowered our housing inventory a little, but we expect to see that grow again as we approach the spring months when more homes typically hit the market."
Total active listings, or the total number of available properties, rose 3.7 percent to 39,699. … Single-family homes inventory recorded a 3.5-months supply in January, down fractionally from a 3.6-months supply a year earlier.
emphasis added
Sales in Houston set a record in 2019 and are off to a strong start in 2020.