Year in Review: Houston's red-hot housing market was on fire in 2013
Dec 30, 2013
Web producer- Houston Business Journal
There was little stopping Houston’s red-hot housing market in 2013.
In November, the market recorded its 30th-consecutive month of year-over-year increase in sales. Although there was some discussion midyear of avoiding a bubble, none has materialized yet. Prices continue to outpace 2012 — with many months recording record levels — as demand continues to outpace supply.
The market started the year with its inventory level at a 13-year low, and it continued to shrink nearly every month.
Inventory is reported in months, a figure which reflects the number of months it will take to deplete current active inventory based on sales activity during the prior 12 months.
According to the Houston Association of Realtors' most recent monthly report, the Houston market had 2.9 months inventory for single-family homes in November. Nationally, that figure is five months.
Meanwhile, home sales started to slow in November — not unusual for that time of year and not unexpected, based on the inventory level.
“It does not come as a surprise that the Houston housing market is showing signs of slowing down,” HAR Chairman Danny Frank, with Coldwell Banker United Realtors, said in a statement. “There simply isn’t a plentiful supply of available homes out there."
Here’s a look back at the past 12 reports from HAR:
- December 2012: Houston home sales drive inventory to 13-year low
- January 2013: Houston home sales up nearly 30%
- February: Houston housing market continues full steam ahead
- March: Houston housing market's active pace continues into spring
- April: Houston housing market sees more record-high prices
- May: Looming bubble? Houston housing market hits two straight years of positive sales
- June: Houston housing market's supply may be catching up with demand
- July: Houston's housing market heating up for buyers, sellers
- August: Houston's housing market not cooling down even as summer ends
- September: Houston's hot housing market continues to drive down inventory
- October: Houston home prices soar to highest October on record
- November: Houston home sales start to slow as supply continues to shrink
Olivia Pulsinelli is the web producer for the Houston Business Journal's award-winning website. Follow her on Twitter for more.