Houston ranked among the top cities in the U.S. for closed home sales in May, according to the RE/MAX National Housing Report.
Despite a 2.1% decrease in closings year over year, Houston ranked fourth in the country for closed home sales last month, with 8,394 homes sold compared to 8,570 in May 2023. The only cities with more home sales were Chicago, New York and Dallas.
Meanwhile, Houston saw the second-highest quantity of new listings added to the market. Realtors added 14,818 properties to the MLS during the month, an 18.3% increase year over year. That contributed to one of the largest active inventory supplies in the country, with 27,617 properties on the market in May.
Given the pace of sales, that represented a 3.3-month inventory supply, the fifth-highest in the country. In May 2023, months of inventory was 47.7% lower at 2.3 months.
“More sellers are seeing the advantages of listing their homes now. They’re getting their asking price and enjoying the benefits of a relatively quick sale,” RE/MAX President Amy Lessinger said in the report. “Growing inventory offers more options for homebuyers, too, and we’re seeing more sales activity as a result.
“Mortgage rates continue to impact the rhythm of the housing market,” Lessinger added. “If inventory keeps bulking up and mortgage rates don’t change, prices may eventually start to soften.”
Emily Marek
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