While the volume of new and active listings across Greater Houston remains historically low, the market experienced a slight turnaround in May compared to a year earlier, according to a new report by the Houston Association of REALTORS® (HAR).
The First Real Estate Snapshot of Houston (FRESH) report, released by the HAR on the first day of every month, sums up the local real estate market between monthly Multiple Listing Service (MLS) reports.
New listings rebounded last month, slightly improving inventory levels as sellers look to cash in on record-breaking home prices.
Realtors entered 13,283 properties into the Multiple Listing Service (MLS) versus 12,182 last May, a 9% increase.
Active listings rose 21.5% year over year, with 13,742 properties in the MLS compared to 11,311 in May 2021. The report noted that this uptick in available properties is a possible reflection of the rising interest rates and high housing prices that are causing would-be buyers to approach the market more cautiously.
The average list price (ALP) for a Houston home rose to a new record high in May, up 12.6% to $441,303 from $391,914 a year earlier. Pricing surpassed the previous ALP high of $425,382 reached in April 2022, supporting ongoing concerns about housing affordability.