Two bright spots were an uptick in pending sales and in leases of single-family homes, which jumped 12%.
“We will eventually work our way through these challenges, and already see positive indicators in the form of strong rental activity, solid pending sales numbers and steady attendance at property showings across greater Houston," HAR Chairman John Nugent said in a news release.
Homes in the high end of the market were hardest hit, with homes above $750,000 seeing 56% fewer sales year over year.
Total dollar volume in Houston's overall residential market dropped 25% for the month to just over $2.2 billion.
Year-to-date sales is now 4.3% behind 2019’s level, putting the market behind as it enters the popular summer selling season. The reduced demand put some pressure on prices, with the average falling 7.4% in May.
