May Monthly Market Comparison(HAR Report):
As frenzied buying continued to dominate high end housing, and inventory held to its lowest level of all time, the Houston real estate market scored its twelfth consecutive month of positive sales in May.
May sales trends were largely positive. Single-family home sales, total property sales and total dollar volume all rose when compared to May of 2020. Pending sales climbed 12.4 percent. However, total active listings – or the total number of available properties – fell 40.6 percent with sales still dramatically outpacing new listings, which increased just 1.3 percent year-over-year.
Single-family homes inventory was squeezed to a 1.4-months supply in May from 3.3 months a year earlier. Inventory has now held at 1.4-months for three straight months. Housing inventory nationally stands at a 2.4-months supply, according to the National Association of Realtors (NAR).