The number of homes on the market in Houston reached the lowest level in more than a decade in October, thanks to a surge in sales that also listed prices to the highest levels ever for an October.
Single–family home sales skyrocketed 32.7% compared to October 2011, according to the latest monthly data prepared by the Houston Association of REALTORS (HAR), and accounted for the seven teeth consecutive month of positive sales. Contracts close on 5379 homes, driving inventory down to 4.4 months, a level last seen in December 2001. All segments of the housing market saw gains in October, with the steepest among homes priced over $250,000.
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