While closings were down for the 15th straight month in Houston in June, the market nevertheless began to show signs of improvement, the Houston Association of REALTORS said.

According to HAR’s June 2023 Market Update, single-family home sales were down 12.8% year over year but up 3.9% from June 2019 (pre-pandemic). Sales of homes priced at or above $1 million experienced gains this June — the first in months — as did homes priced below $150,000. Segments in between experienced declines.

Meanwhile, pending sales were up 4.8% year over year, with 8,624 listings going under contract during June. Months of inventory also increased to a 3.1-month supply, the greatest level since June 2020. A year ago, there was a 1.9-month supply.

The average single-family home price fell to $431,092, while days on market increased from 28 days to 45.

“We are seeing improvement after more than a year of negative home sales due largely to rising interest rates and inflation/recession jitters among consumers,” said HAR Chair Cathy Treviño. “While the Houston real estate market is finally operating at a more normal pace, we need to understand that any volatility in the national economy, including more signs of inflation, could set us back again.”