Houston’s housing market closed out 2013 — its best year on record — with its 31st consecutive month of positive home sales and its lowest inventory level of all time.
However, home sales are expected to slow in 2014, the Houston Association of Realtors reported Tuesday.
After slowing slightly in November, home sales rebounded a bit in December with 5,813 single-family homes sold, up 14.3 percent from December 2012.
And after dropping below a four-month supply level a year ago, the market’s inventory continued to shrink. December’s 2.6-month supply — the lowest level ever recorded locally — was down 29 percent from the 3.7-month supply recorded in December 2012. Additionally, total active listings were still down significantly — 16 percent from a year ago — and total pending sales were up only 1.1 percent from last year.
Meanwhile, both the median price and the average price for single-family homes hit their highest levels for a December in Houston. The median price increased 10.9 percent year over year to $188,500, and the average price hit $265,017, up 10.3 percent from December 2012.
For the full-year 2013, single-family home sales were up 17.4 percent to 73,232, and total property sales jumped 18.8 percent to 88,059. For single-family homes, the average sales price increased 10.3 percent to $248,591, and the median price increased 9.4 percent to $180,000.
Overall, the total dollar volume of sales in 2013 soared 30.2 percent to $20.89 billion.
“The Houston housing market had its best year on record in 2013, and those of us who work in real estate have never been busier,” HAR Chair Chaille Ralph, with Heritage Texas Properties, said in a statement. “Stewart Title Chief Economist and former HAR Chairman Dr. Ted C. Jones forecasts positive sales to continue in the new year, but at a slower pace. He anticipates about a 5 percent increase in home sales and a 6 percent gain in pricing. However, all that hinges on having homes to sell, and the local inventory is running extremely low.”