The folks at the Houston Association of Realtors are sounding positively giddy about the local home market, which has seen an increase in sales for the eighth consecutive month.
January 2012 "opened with a continued decline in active property listings and growth in pending sales -- a combination that signals a healthy market with a balanced supply of housing inventory, and that puts Houston on enviable footing compared to many other markets around the U.S. that are slowly recovering from the housing downturn," HAR said in a release.
"The January report shows continued strength in the Houston housing market that we began seeing in the latter part of 2011, and it gives us cause for optimism as we look ahead to the typically active spring and summer buying months," said HAR chairman Wayne Stroman. "We have also seen more jobs being filled locally and you generally don't experience a strong real estate market without healthy employment."
Single-family home sales jumped 9.2 percent, although the average price decreased very slightly.
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The inventory of single-family homes dropped to its lowest level since December 2009 -- 5.7 months, compared to 7.2 months one year earlier. That means it would take 5.7 months to sell all the single-family homes on the market based on sales activity over the past year. The figure is significantly better than the national inventory of single-family homes of 7.2 months reported by the National Association of REALTORS® (NAR).
So happy days are here again?