Houston Housing Stats May, 2023

[Sharon Tzib]

https://www.har.com/content/newsroom/

Houston Real Estate Highlights in May, 2023:

• -Single-family home sales were down 10.4 percent year-over-year, the 14th consecutive month of slowing sales volume but the lowest rate of decline since June 2022, suggesting that improved market conditions may be looming;
• -Compared to pre-pandemic 2019, single-family home sales were down just 1.3 percent, however they were up 6.4 percent versus the volume five years ago, in May 2018;
• -All housing segments experienced sales declines except homes priced below $100,000;
• -Days on Market (DOM) for single-family homes rose from 30 to 48 days;
• -Total property sales fell 12.5 percent with 10,476 units sold;
• -Total dollar volume dropped 12.7 percent to $4.3 billion;
• -The single-family median price dropped 3.1 percent to $340,095;
• -The single-family average price fell 1.6 percent to $431,378;
• -Single-family home months of inventory registered a 2.8-months supply, up from 1.5 months a year earlier;
• -Townhome/condominium sales experienced their 12th straight monthly decline, falling 26.1 percent, with the median price down 6.0 percent to $216,300 and the average price down 3.7 percent to $262,015;
• -Compared to pre-pandemic 2019, townhome and condominium sales were down 7.7 percent.