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Out of the recession: Home sales jump for the fifth straight month signaling a healthy housing market

Out of the recession: Home sales jump for the fifth straight month signaling a healthy housing market

Houston’s existing home sales were up nine percent in October, as the Houston Association of Realtors Wednesday reported the fifth consecutive month of positive sales results.

The strong October was another sign that local housing market is healthy again, following the recession and realty crash that has plagued Houston and the rest of the nation for several years.

The October average sales price of $208,506 was a record high for an October in Houston, the association said.

 The strong October was another sign that local housing market is healthy again, following the recession and realty crash. 

The inventory of properties for sale showed a significant decline, an indicator that home prices will be firmer in the future and houses may sell at a quicker pace. A total of 46,674 properties were listed for sale, a 12 percent decline from a year earlier.

A total of 4,080 single-family homes were sold in Houston in October, a 9.1 percent increase from October 2010, the HAR said. After a long downward trend, Houston home sales began trending upward in June, when sales ticked up 1.4 percent, followed by a 15.3 jump in July and increases of 28.8 percent and 15.2 percent in August and September. On a year-to-date basis, sales are up 3.4 percent over the pace in 2010.

"As long as the Houston economy continues to strengthen with additional job growth, we can be cautiously optimistic about the state of the housing market going into the new year," HAR chairman Carlos Bujosa said in a statement.

The monthly report also indicated that the rental market remains strong. Single-family rentals were up 25 percent over last year.