May Monthly Market Comparison-HAR Report
Severe weather in the Houston area played a role in a slight decline in single-family home sales in May. Sales were down only 1.5 percent year-over-year as inventory reached the highest levels since before the pandemic in 2019.
Total property sales were also down 3.1 percent and total dollar volume was statistically flat at $4.3 billion. Single-family pending sales increased 1.8 percent. Active listings, or the total number of available properties, remains above last year’s level with 38.2 percent more listings for sale now than there were this time last year.
Months of inventory expanded from a 2.7-months supply last May to 4.0 months. Housing inventory nationally stands at a 3.5-months supply, according to the latest report from the National Association of Realtors (NAR). A 4.0- to 6.0-month supply is generally considered a “balanced market” in which neither buyer nor seller has an advantage.