Houston Texas - May 2013 Home Sales Record High!

Posted by Janet Owens on Wednesday, June 19th, 2013 at 5:22pm.

This just out - May home sales in the greater Houston area marked the 24th straight month of positive home sales and accounted for the largest one-month sales volume of all time and record-high pricing.  Needless to say, this is causing a further shrinkage in the short supply of Houston area homes on the market.

According to HAR's latest monthly report home sales jumped 28% compared to May of last year, with contracts closing on 7,794 single-family homes during the month of May. Both the median price and average price of single-family homes saw increases. The median price rose 11.9% over last year to $188,000.  The average price increased 9% year over year to an all time high of $256,790.

Homes selling between $150,000 - $500,000 saw the greatest increase in sales volume. We're continuing to see multiple offers on homes and in many cases as soon as the listing is entered into the MLS.  Cash offers have also increased.

May Foreclosure property sales declined 33.7% when compared to May of 2012. Foreclosure property currently makes up 9.4% of all property sales, down from 10.4% in April and 19.7% at the beginning of the year.  The median price of foreclosure property rose 3.8% to $85,000.

Job creation continues to fuel the surge in home sales.  According to the Texas Workforce Commission, more than 111,000 jobs have been added in the past year. Ahhhh Texas, ain't it great!

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