HOUSTON — (June 12, 2024)/HAR Report — The Houston real estate market navigated a unique set of challenges in May. While severe weather and resulting power outages may have caused a delay in some closings, the market continued to see strong activity with expanding inventory and persistent consumer demand. This unwavering demand fueled record-breaking home prices in the Greater Houston area.
According to the Houston Association of Realtors’ (HAR) May 2024 Market Update, single-family home sales across the Greater Houston area declined 1.5 percent. The Houston Multiple Listing Service (MLS) recorded sales of 8,538 units compared to 8,664 last May. Months supply of homes climbed from 2.7 to 4.0, which is the highest since August 2019 when there was a 4.1-months supply.