The Houston real estate market saw its supply decline in October, as home sales were up significantly.
According to the Houston Association of Realtors, single-family home sales increased 32.7 percent on a year-over-year basis, which marked the 17th straight month of sales gains.
This large jump in home sales brought the inventory of homes for sale in Houston down to a 4.4 months supply, the lowest level since December 2001.
Additionally, foreclosure sales declined 10.9 percent compared to the same period last year, and made up 15.5 percent of all sales. This was the lowest monthly foreclosure sales volume of the year.
"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. "Our active real estate market reflects the general health of the Houston economy, most notably the addition of close to 96,000 new jobs over the past year, according to the latest Texas Workforce Commission employment report."
The Houston real estate market has been one of the healthiest in the country and the Texas A&M Real Estate Center believes it can survive the fiscal cliff for numerous reason, including smart building, more jobs and fewer foreclosure than many other markets.