The local housing market continued to favor buyers last month, although that may be changing. At the end of August, there was a 7.1-month supply of homes for sale – meaning it would take that long to sell all the homes on the market based on recent activity, according to the Houston Association of Realtors. A year ago, the area had an eight-month supply.
“We’re starting to deplete some of our inventory, which is a good thing,” said Cathy Trevino of Prudential Gary Greene, Realtors.
While the real estate market may still be recovering, there have been other positive changes. Single-family homes sales rose sharply in August, jumping 30 percent over last year, the association said. Sales totaled 5,543, marking the third straight monthly increase this year.
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