Want to see what a housing boom looks like? Try Houston.
This big Texas city has seen 29 straight months of year-over-year price increases — TWENTY NINE! — and this past October, Houston set a new record: both median and average prices for a single-family home in the city hit their highest totals ever for October. Per the Houston Business Journal:
The median price increased 8.9 percent year over year to $177,500, and the average price hit $239,773, up 7.9 percent from October 2012.
Inventory continued to shrink, decreasing to 3.1 months, down 30.3 percent from the year-ago level of 4.4 months. Total active listings are still down significantly — 16.5 percent from a year ago — and total pending sales are up 3.7 percent from last year.
