The typical increase in home sales as summer approaches failed to materialize nationwide last month, with average sales dropping 0.2% from April to May, but month-over-month sales in Houston bucked the trend, climbing 1.3%, according to the RE/MAX May National Housing Report.
RE/MAX provided a pre-pandemic average from 2015-2019, showing that the average gain from April to May is 13.9%.
Nationwide, the number of months of available housing inventory sunk to 1.1, while in Houston the number of months’ supply was down 15.4% from April at 0.9. That’s less than half of what it was a year ago when the number stood at 2.7 months.
“The first small step toward a more balanced market may have appeared in May, as home prices finally stabilized after a long run of sustained increases. At the same time, cooling sales defied typical April-May trends, and report records were set for low inventory and fast turnaround times,” RE/MAX, LLC President Nick Bailey said in a press release.
The median sales price nationwide remained steady at $320,000, which is 17% above the median of $273,498 a year ago.
“May had a little something for everyone – with buyers finally getting a break on prices, sellers benefiting from a lack of competitive inventory, and both sides served by speedier listing-to-contract periods.” Bailey added. “The market still tilts mainly toward sellers, but we could be seeing the first signs of a return to more balance after the hottest stretch of sales in years. Ultimately, that would be good for both buyers and sellers.”