The Woodlands Real Estate Blog

THE WOODLANDS, TX - A combination of home sales increase and a the lowest home inventory in six years has helped boost the existing homes prices for the eighth consecutive month in October, according to the National Association of Realtors, including the homes in Houston.

The sale of existing homes increased 2.1 percent from September to October and 10.9 percent from last year.

The average home price of $187,600 for all types of homes, including single-family homes, condos, townhomes, etc, increased 11.1 percent from a year ago. The national median price last posted eight consecutive months of annual gains before the crash -- from October 2005 to May 2006.

A survey carried out by the National Association of Home Builders showed that builder confidence rose in November for the seventh month in a row to its highest point since May, 2006.

NAR estimated there were 2.14 million existing homes listed for sale at the end of October, a 5.4-month supply at the current sales pace. That's the tightest inventory since February 2006, when the months' supply of homes stood at 5.2 months.

October's inventory is down from a 5.6-month supply in September, and represents a 21.9 percent decline from the 7.6-month supply that existed a year ago. Many analysts view a six-month supply of housing as an even balance between buyer and seller demand.

Homes were on the market for a median of 71 days in October, down 26 percent from a year ago when the time to sell an existing home took a median of 96 days.

First-time buyers accounted for 31 percent of purchasers in October, down from last October's 34 percent.

All U.S. regions saw existing-home sales, including homes in The Woodlands and prices swell in October from a year ago. Existing-home sales in the South were up 11 percent to an annual pace of 1.92 million units from October 2011. Median sale prices were up, too, to $152,200, 8.2 percent above last October's median price.

This is an excellent opportunity for owners of homes in Houston and The Woodlands to list their home with Tamborrel Properties to take advantage of the rising prices or buy new homes in The Woodlands and rent it.

For more information about homes in Houston and The Woodlands, please contact realtor Luis Tamborrel at (832) 482-9367.

Source: inman.com