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Inventory In Houston Real Estate Market Continues to Rise, "For Sale Signs" Up
Michael Levitin is set to preside over a dismal year in Houston Real Estate if For Sale signs keep popping up.
We assure you, its not his fault.
But the decline in sales continued for a sixth straight month in February according to the recent report released by the Houston Association of Realtors.
Sales are down but not as bad as they were last month.
However, based on the lag factor in the calculation, months inventory climbed to 6.1 months from 6.0 months.
Mr. Levitin is quick to point out that its not bad everywhere. In the same press release, he noted, "many area Realtors are actually reporting brisk sales." This was tempered with an allusion to increased listing activity as well, further driving up months inventory if sales do not pick up, "For Sale signs have gone up in many neighborhoods in recent weeks".
Have they. Up 12.8% in February over January.
| | ALL CATEGORIES | February 2007 | February 2008 | PERCENT CHANGE | | Total property sales | 6,058 | 5,266 | -13.1% | | Total dollar volume | $1,141,637,135 | $1,051,418,592 | -7.9% | | Average single-family sales price | $195,148 | $206,140 | +5.6% | | Median single-family sales price | $146,940 | $151,430 | +3.1% | | Total active listings | 45,466 | 51,308 | +12.8% | | Total pending sales | 4,807 | 4,323 | -10.1% | | Months inventory* | 5.1 | 6.1 | +18.3% | | | * Months inventory estimates the number of months it will take to deplete current active inventory based on the prior 12 months sales activity. This figure is representative of the single-family homes market. |
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