HAR Report: Active listings for single-family homes reached 37,455 in May, which is up 35.0 percent compared to last May. This volume represents the highest level of active listings since September 2007, when 37,500 units were on the market.
Months of inventory also rose, climbing from 3.9 months last May to a 5.2-months supply—a level last reached in July 2012. This figure surpasses the national average of 4.4 months as reported by the National Association of Realtors.
Days on Market, or the actual time it took to sell a home, also increased from 46 to 50 days.
Broken out by housing segment, home sales in the Houston area performed as follows:
$1 - $99,999: increased 23.8 percent
$100,000 - $149,999: increased 18.6 percent
$150,000 - $249,999: increased 12.0 percent
$250,000 - $499,999: increased 5.7 percent
$500,000 - $999,999: increased 0.2 percent
$1M and above: increased 6.3 percent