2013 Best on Record for Houston Housing Market

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The Houston housing market had its best year on record in 2013, according to the Houston Association of Realtors. 

Single-family home sales in the Texas city increased 17.4 percent in 2013, while sales for all property types increased 18.8 percent. The median price for 2013 increase 9.4 percent to $180,000. 

The total dollar volume for 2013 jumped 30.2 percent to reach a record high of approximately $21 billion, compared to $16 billion in 2012. 

December sales of single-family homes in Houston totaled 5,813, increasing 14.3 percent from December 2012, and marking the 31st consecutive monthly increase.The dollar volume for properties sold in December reached $1.8 billion, increasing 24.2 percent from $1.4 billion a year earlier. 

"Stewart Title chief economist and former HAR chairman Dr. Ted C. Jones forecasts positive sales to continue in the new year, but at a slower pace," HAR chair Chaille Ralph said in the report. "He anticipates about a five percent increase in home sales and a six percent gain in pricing. However, all that hinges on having homes to sell, and the local inventory is running extremely low."

In December, the housing inventory reached 2.6 months, the lowest level of all time, according to HAR. Generally, a six-month supply constitutes a healthy market. December single-family home sales increased 14.3 percent compared to the previous December. 

Foreclosure sales dropped 48.8 percent in December, continuing the downward trend seen in 2013. Foreclosures represent 6.5 percent of all property sales, one-third of the share they represented at the beginning of 2013, HAR reports. The median price for foreclosure sales increased 8.3 percent to $91,000 in December.