Supply and demand: Houston inventory dwindles

Last month, Houston home prices increased 10.5 percent on an annual basis, to $288,275.Basic economics demonstrates the success of any market is dependent on supply and demand, and when it comes to Houston real estate, it's no different.Buyer demand throughout the metropolitan area has surged so far this year, and as a result, the Houston housing inventory dwindled in recent months, according to a report from the Houston Association of Realtors.?During the month of November, the local housing inventory thinned to just a 4.1-month supply at the current sales pace, the report said.”Homes are selling at an unusually hefty pace for this time of year, and that has left fewer properties on the market and driven up prices,” said HAR chairman and CEO Wayne Stroman.Although a limited property inventory may give consumers limited options to make the transition to homeownership, it helped bolster property values. Last month, Houston home prices increased 10.5 percent on an annual basis, to $288,275, the report said.While this development makes the prospect of purchasing property slightly less affordable, mortgage rates hovering near all-time lows could offset the added cost. Real Estate News brought to you by 2M Realty, a true expert in the online real estate market.

About 2M Realty

All content from this author comes from 2M Realty News Feed

Speak Your Mind

*

Follow

Get every new post delivered to your Inbox

Join other followers: