This revelation from the Houston Association of Realtors' June report comes despite more active listings and fewer sales compared to the same time in 2021.
Total active listings rose nearly 15% year over year from 21,151 property listings in May 2021 to 24,301 property listings in May 2022. Year-over-year property sales declined by one percentage point as the real estate market has begun to slow, according to the report.
Rising interest rates are expected to be a large cause of declining property sales, with the average 30-year fixed rate mortgage up to 6.06%, according to the HAR.
“New listings increased 9% in May, helping boost inventory to its highest level of the year, so hopefully we can begin to see signs of normalcy in terms of supply, demand and pricing in the months ahead,” HAR Chair Jennifer Wauhob said in a press release.
The total months of inventory for single-family homes—a rate indicating the estimated amount of time it would take before the supply of homes in Houston is depleted—was at 1.6 months, the highest supply so far since the start of 2022, according to the HAR.
Leading in total home sales were homes priced between $500,000-$1 million, a price range that saw a 38.3% year-over-year increase. Those homes were followed by the luxury segment—homes priced above $1 million—which rose 30.2%, according to the report.
