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.
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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."
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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.