Historic Low in Housing Inventory Throughout Houston Benefits Those Selling a Home in Sugar Land
On Dec 17, 2013, the HAR.com Multiple Listing Service of Houston (MLS) put out an interesting press release we wanted to share with Sugar Land homeowners interested in buying and selling a home in Sugar Land or anywhere in Greater Houston. The report shows that home sales have been in positive for 30 straight months now and creating a deficit in available housing. In fact, November’s housing inventory was at a historic low. Inventory is measured in months, meaning a month’s worth of available homes for sale. Or, if no new homes went on the market, the number of months until all home sales were depleted at the current home sales rate. So, in November 2013, Houston home inventory fell to 2.9 months. The same month one year ago ( November 2012) had 4.1 months of inventory available.
Because of the shrinking supply of homes, Sugar Land home prices have continually increased. The greater Houston area saw an increase of 8.4% year-0ver-year and the market has also benefitted by a lower foreclosure, a 49% decrease since November of 2012.