August Monthly Market Comparison-HAR Report
August was the 17th straight month of negative sales as Houston returns to the seasonal trending that prevailed before the pandemic. Year-over-year single-family home sales fell 3.8 percent, but when compared to pre-pandemic August 2019, sales were down 8.0 percent, and compared to August 2018, five years back, they were down 4.5 percent. The 3.8 percent decline is the smallest since the market registered a 0.8 percent drop in May 2022.
In addition to the decline in single-family sales volume, total property sales and total dollar volume also fell below last year’s levels. Total dollar volume was $3.8 billion, down from $3.9 billion a year earlier. Single-family pending sales rose 2.2 percent. Active listings, or the total number of available properties, were 14.8 percent ahead of the 2022 level.
Months of inventory expanded in August to a 3.3-months supply. That is the greatest months supply since May 2020 when it also was 3.3 months. Housing inventory nationally also sits at a 3.3-months supply, according to the latest report from the National Association of Realtors (NAR). A 4.0- to 6.0-months supply has traditionally been considered a “balanced market” in which neither buyer nor seller has the upper hand.