Although home sales dipped in March, the Houston housing market is ready for spring and summer activity thanks to a “robust inventory,” according to the Houston Association of REALTORS® (HAR).

Data from the association’s March 2024 Market Update shows that single-family home sales fell 7.5% year over year last month, with 7,334 closings. However, pending sales rose 4.9% year over year.

All housing segments saw declines in March, with the smallest dip seen in the $1 million-plus market, which declined only 0.4% year over year. The largest drop was seen in the lowest priced homes — $99,000 and under — which declined by 28.9%.

Active listings grew by 26.1% during the month. Given the pace of sales, months of supply increased from 2.6 to 3.5, matching levels seen last fall.

“We’re seeing a spring cleaning of sorts in the housing market,” HAR Chair Thomas Mouton said in a press release. “The rise in active listings indicates more homeowners are testing the waters and putting their properties on the market, but some buyers may be taking a cautious approach due to interest rate fluctuations.”

Amid decreased sales, both the average and median sales prices increased marginally last month. The average rose 1.3% to $412,464, up from $407,015 a year ago, while the median rose 1.6% to $330,000, up from $324,870.