Even though December is typically filled with tasks related to purchasing items that can fit underneath a Christmas tree, consumers apparently had an appetite for large buys as well, including Houston homes.
According to a new report released by the Houston Association of Realtors, single-family home purchases in December jumped more than 11 percent versus the same month in 2011. Overall, nearly 5,050 contracts were closed on these homes, sending inventory rates down to their lowest ebb in more than a decade.
Danny Frank, HAR chairman, noted that December was a microcosm of the year as a whole.
“2012 was a phenomenal year for the Houston housing market, thanks to the addition of more than 85,000 new jobs locally as well as continued low interest rates,” said Frank. “Market conditions have created excellent opportunities to sell a home in many parts of town, with some sellers receiving multiple offers.”
Sellers likely had plenty of applicants wishing to purchase a home of their own due to the influx of people entering the state. The Census Bureau recently reported that Texas was the fastest-growing state last year, with more than 425,000 new people now calling the Lone Star State home.
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