March Monthly Market Comparison-HAR Report
March became the 12th consecutive month of negative sales as housing throughout the Houston market and across the U.S. recovers from inflationary headwinds. Year-over-year single-family home sales fell 18.3 percent, but when compared to March 2019, before the pandemic, sales were up 13.0 percent, and stacked against March 2018, five years ago, sales were up 17.3 percent.
Most of the March housing measurements consisted of negative numbers. In addition to the drop in single-family home sales, total property sales and total dollar volume fell. Single-family pending sales dropped 5.2 percent. Active listings (the total number of available properties) remained 69.2 percent ahead of their level of one year ago.
Months of inventory continued to improve in March, growing to a 2.7-months supply. Housing inventory nationally stands at a 2.6-months supply, according to the latest report from the National Association of Realtors (NAR). A 4.0- to 6.0-months supply is widely regarded as a “balanced market” in which neither the buyer nor the seller has an advantage.