June Monthly Market Comparison(HAR Report)
Pent-up demand resulting from coronavirus-related stay-at-home orders in March and April helped boost pending listings in May, paving the way for a surge in closings in June that drove sales volume up to levels typically seen in Houston over a COVID-free summer. Single-family home sales, total property sales and total dollar volume all rose compared to June 2019. Pending sales rocketed 39.3 percent, suggesting the likelihood of another strong sales month for July. Total active listings, or the total number of available properties, fell 17.5 percent.
With an ongoing slowdown in new listings to the marketplace and an increase in homes going under contract, single-family homes inventory shrank to a 3.2-months supply in June versus 4.3-months a year earlier. For perspective, housing inventory across the U.S. stands at a 4.8-months supply, according to the most recent report from the National Association of Realtors (NAR).