Existing-home sales continued to drastically outpace inventory in May, marking two straight months of an over 25% increase in sales and an over 60% decrease in active listings, according to the MetroTex Association of REALTORS®.
Total existing-home sales in May were up 27% from May of last year while inventory continued to slip with a decrease of 64% in the same time frame.
“Housing demand is still strong, evidenced by the increase in home sales,” said MetroTex President Bill Jordan. “Unfortunately, our limited inventory just can’t keep up with that demand.”
“Despite the market concerns related to our supply through the year this far,” Jordan continued. “The additional supply projected for the market due to mortgage forbearance could help ease some of the supply issues.”
Due to the supply issues, properties averaged on the market for 24 days in May, down from 51 days in May 2020.
The North Texas market also experienced drastic price increases in May with a 26% increase in median price compared to the previous May at $341,000.
“If we can get a healthier supply of homes this summer we should see the pricing increases cool down and create a healthy market correction,” said Jordan.