The sales of Houston single-family homes rose in September by 16.9 percent, marking the fourth consecutive quarter for increased sales.
A total of 4,635 single-family homes sold in September, compared to 3,965 homes sold the same time a year before, according to multiple listing service data analyzed by the Houston Association of Realtors.
The median single-family home price last month was $157,500 — the highest median price ever recorded for a September in Houston, HAR reported. That’s 1.6 percent higher than the $155,000 median sales price in September 2010.
The Houston market has 6.8 months’ worth of inventory, the lowest level since May 2010.
The inventory figure means it would take 6.8 months to sell all of the single-family homes on the market based on recent sales activity. Six months’ worth of inventory is reflective of a healthy market.
The inventory amount dropped 11 percent last month in comparison to the 7.7 months’ worth of inventory recorded last September.
“The combination of increased closed and pending sales, fewer active listings and strong pricing suggests that we are entering the fall home-buying season on strong footing,” Carlos Bujosa, HAR chairman and vice president at Transwestern, said in a statement.
Total property sales increased 15.9 percent when comparing Septembers. A total of 5,469 properties valued at $1.1 billion sold last month.
Townhouse and condominium rentals increased by 30 percent year over year, while single-family home rentals rose 17.4 percent.