HAR Report: May Monthly Market Comparison
May marked the 14th straight month of negative sales as Houston and real estate markets across the country continue trying to overcome persistent economic headwinds. Year-over-year single-family home sales were down 10.4 percent, but when compared to May 2019, before the pandemic, sales dropped just 1.3 percent, and stacked against May 2018, five years ago, they were up 6.4 percent.
In addition to the drop in single-family home sales, total property sales and total dollar volume also fell below last year’s levels, but at lesser rates of decline than in previous months. Single-family pending sales were down 2.3 percent. Active listings, or the total number of available properties, came in 45.4 percent ahead of the 2022 level.
Months of inventory showed continued improvement in May, expanding to a 2.8-months supply. Housing inventory nationally sits at a 2.9-months supply, according to the latest report from the National Association of Realtors (NAR). A 4.0- to 6.0-months supply has long been regarded as reflecting a “balanced market” in which neither the buyer nor the seller has the upper hand.