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The May Housing Market Update from the Houston Association of Realtors reports pending single-family home sales in the Greater Houston area are at their highest point since May 2022.
However, there has been a slight decline in closings and total sales since last May, data shows.
By the numbers
Single-family home sales fell by 3.2%, with 8,631 homes sold in May compared to the 8,915 sold last May. Meanwhile, home prices grew 0.4%, bringing the median price to $340,000.
Zooming in
There were fewer purchases of single-family homes under $1 million, but the purchase of properties classified as luxury—or more than $1 million—rose by more than 10%.
Meanwhile, the number of townhomes and condominiums sales has decreased, while both the average and median prices increased to $283,293 and $230,000 respectively.
What the experts say
While there has been a slight decline in closings and total sales since last May, HAR Chair Theresa Hill said in the report that the demand for property in Houston is still high.
“The increase in contract activity tells us prospective buyers remain confident in our local housing market,” Hill said. “People are continuing to make moves for life reasons, and many are finding that today's market offers more flexibility and more choices than we've seen in recent years.”
Also of note
Additionally, the report shows housing affordability in the Greater Houston area is improving with mortgage rates declining, now at 6.44% from 6.82% this time last year. The average price per square foot has also gone down from $180 to $178.
