Pending-home sales hit their highest volume in four years in May. (via HAR)

Pending-home sales hit their highest volume in four years in May, according to the latest Housing Market Update from the Houston Association of REALTORS® — indicating continued demand across the area.

Buyers contracted on 9,172 listings during the month, up 5.8% year over year and the highest level of pending-home sales since May 2022.

Closings, however, declined “modestly” during the week, HAR said, as single-family home sales decreased 3.2% year over year.

“The increase in contract activity tells us prospective buyers remain confident in our local housing market,” said HAR Chair Theresa Hill. “People are continuing to make moves for life reasons, and many are finding that today’s market offers more flexibility and more choices than we’ve seen in recent years.”

The luxury segment was strongest in May, with sales jumping 10.1% year over year. That drove greater Houston’s average home price up 2.3% to $447,301, the highest level in nearly a year. The median home price was flat at $340,000.

Given the rate of sales, Houston had a 5.1-month inventory in May, unchanged from a year prior.

Existing-home sales

Among just existing homes — excluding new construction — sales declined 1.8% year over year, with 6,096 closings. The median price was flat, while the average increased 2.7% to $469,629.

Townhomes and condos

Looking at for-sale townhomes and condominiums, sales fell 4.3% year over year, with 464 closings, but the average price rose 6.7% to $283,293 and the median rose 3.6% to $230,000.