May 2023 Update: Comprehensive Analysis of the Houston Real Estate Market

As a real estate broker with extensive experience in the Greater Houston market, I promise to give you honest advice and useful information. In this blog post, we'll look at the data for May 2023, including new listings, pending listings, active listings, home closings, and property showings. By knowing these metrics, we can get a full picture of what's going on in the market right now. Let's look at the numbers and figure out what they mean for buyers and traders.

NEW LISTINGS: The number of new listings went down by 5%
When compared to May 2022, the number of new listings in Greater Houston dropped by 5% in May 2023. In May 2022, REALTORS® added 13,219 homes to the Multiple Listing Service (MLS), but in May 2022, they only added 12,556. This drop points to a possible change in the way the market works, which could be affected by things like the economy and what buyers want. But it's important to remember that the real estate market goes up and down due to numerous local and national factors.

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PENDING SALES: The number of pending listings went down by 2.3%
The number of pending listings dropped by 2.3% from May 2022 to May 2023, with 9,146 single-family homes getting under contract instead of 9,360. This drop means that buyers are buying less than before. But pending sales were 6.3% higher in May 2019 than they were before the pandemic, which shows that there is still solid buyer interest in the market.

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ACTIVE LISTINGS: The number of active listings has gone up by 49.5%
The number of active listings, which show properties that are for sale, kept going up above the relatively low level of 2022. There were 20,097 active single-family listings in May 2023, which is a big rise of 49.5 percent from the same time last year. This increase in product is good news for buyers because it gives them more options to look at. But it's important to note that the number of listings in May 2023 was still 28.4% less than in May 2019 showings that sellers are less confident in selling for their desired price point.

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SOLD HOMES: Fewer homes being sold: a 10.4% drop
In May 2023, only 8,637 single-family homes were sold, which is 10.4% less than in May 2022, when 9,641 were sold. This is the 14th month in a row that sales have gone down, which means that people aren't buying as much or that the market is changing. When compared to May 2019, the number of home closings was 1.3% lower. This shows that the increase in interest rate and other factors can be causing a drop in real estate sales.

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HOME SHOWINGS: There were more showings of homes, up 6.2%
The number of house showings in May 2023 was up 6.2% from the same month the year before, with a total of 191,392 showings. This rise in showings shows that buyers are still interested and that the market is still busy. When compared to May 2019, the number of showings stayed the same, which suggests that buyer demand has stabilized after the pandemic.

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SUMMARY: When you look at the Greater Houston real estate market data for May 2023, you can learn a lot about how the market is doing right now. The drop in new listings, active listings, and home closings shows that the market is changing and could be a sign that buyers are acting differently. Inventory levels are sitting between 2019 and 2022 levels. There are more active listings, yet increase in showings of properties shows that the market is still strong and active.

It's important to know that changes in the real estate market can be caused by many different things. As a buyer or seller, it's important to talk to real estate professionals with a lot of knowledge. Please give me a call if you have any questions about the Houston Real Estate Market! 

Matt Reyes, Broker/Owner

832-827-3545