The supply of homes for sale in the Houston area has dropped to its lowest level in 12 years, the Houston Association of Realtors said Tuesday.
Sales of single-family homes shot up 27.3 percent in November, compared with the same month in 2011, the realty group said in its monthly market report.
Home sales have been rising for 18 straight months, as pent up demand, low interest rates and a growing population continue to fuel home buying activity.
Buyers closed on 4,978 homes in November, reducing inventory to 4.1 months. Supply has not been that low since December 2000.
“Homes are selling at an unusually hefty pace for this time of year, and that has left fewer properties on the market and driven up prices,” Wayne Stroman, the association’s chairman, said in a statement.
The single-family median price — the point at which half the homes sold for more and half sold for less — rose 8.1 percent to $167,000.