Despite a diminishing supply of homes on the market, Houston posted a strong sales month in October, according to the Houston Association of Realtors.
HAR reported that single-family home sales were up 32.7 percent from October 2011, which marked the 17th consecutive month of sales gains. A total of 5,379 homes were closed on in October, which caused supply to dwindle down to 4.4 months.
"Home sales throughout Houston were incredibly strong in October and sent the supply of homes down to 4.4 months, which is the lowest level we've observed in 11 years," said Wayne Stroman, HAR chairman. "The inventory squeeze has definitely created fertile ground for homebuilders."
Additionally, foreclosure sales were down 10.9 percent on a year-over-year basis in October and made up 15.5 percent of all property sales.
Much of the country has seen strong sales levels despite the summer selling months coming to a close. This can possibly be attributed to mortgage rates breaching record lows multiple times in the past couple months, which has made buying affordable for qualified borrowers.