AgentMarkets & Economy

Houston’s inventory of homes spikes

Metro witnesses second largest increase in supply nationally
  • Only two other metros nationally saw more new listings hit the market in November.
  • Dipping single-family sales activity suggest Houston's inventory could continue to grow.
  • Dipping sales activity coupled with growing inventory signals an upcoming decline in home values.

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Record median home prices coupled with a decline in sales activity has aided Houston's inventory. According to a report from Redfin, the metro experienced a 34.5 percent year-over-year inventory increase in November, the second largest rise in supply next to Denver. More than 7,300 new listings hit the market last month, bringing total supply to 22,092 homes. The new listings figure represents a 14.6 percent year-over-year rise. Only Chicago and Phoenix saw more new listings brought to market in November. Oil wells image via Shutterstock. More sellers are looking to take advantage of historically high home values in Houston. Last month the median price of a home reached $200,000, the highest value ever for a November. While prices are motivating sellers, increasing values and volatility within the oil and energy sectors seem to be deterring buyers. According to Redfin, during November 4,727 homes sold, which equated to a 4.5 percent year-over-year drop in activity. ...