Houston housing supply can't keep up with demand

September 20th, 2012 11:05am
Last month, an estimated 6,600 properties were sold throughout Harris County.Although Houston homes continue to outperform national real estate averages, activity has been limited by a thinning property inventory.

In August, the Houston housing supply hit a 10-year low, according to data from the Houston Association of Realtors. In fact, by the end of the month, the local marketplace only had a 4.9-month supply. 

"There's just a lot more demand than supply right now," local real estate expert Stephanie Sauer told the Houston Chronicle.

Last month, an estimated 6,600 properties were sold throughout Harris County, the HAR report said. This was a 20 percent surge from a year earlier and the largest one-month volume recorded in more than five years. 

However, this trend has proved to be a double-edged sword. Although fewer homes on the market leaves buyers with limited options, they inevitably become more competitive with one another, and this can drive prices even higher.

Prospective buyers in the Houston-area may want to start their home search sooner, rather than later. Not only will this give them more time to find the home of their dreams in a thinning inventory, but they may also be able to lock in interest rates near record lows.
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