Another stellar home sales period for Houston

Homeownership increased by 15 percent from last February, according to new housing numbers.Houston real estate sales in February were emblematic for how they've been operating for the past several months now, which may best be described as robust.According to the Houston Association of Realtors, housing sales jumped approximately 15.5 percent in the shortest month of the year when contrasted with the same period in 2012. That makes it 21 straight occasions in which home sales posted back-to-back monthly increases.As for how many Houston homes were purchased, HAR says that more than 4,400 contracts were signed and closed in February, with some of the most sought after residences valued at between $250,000 and $500,000.Danny Frank, HAR chairman, noted that how the market is playing out now is strikingly similar to what happened in the late-1990s, when demand outpaced supply. Currently, Houston has an inventory of 3.6 months.High demand and diminished inventory at the local level has been witnessed at the national level as well. According to recent data released by real estate broker Redfin, the only market that logged an increase in housing supply levels in February was Phoenix, rising 2.2 percent in year over year readings.
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