May 2020 North Texas Housing Market
We expected a decline in home sales and price in May due to the effects of the COVID 19 pandemic. The double-digit decline in April and May have led us to an over-all decline year-to-date compared to 2019. Now that more businesses are opening up and people are getting more active, we could very well start seeing improvement in sales next month. One key element to that occurring is active listings, which were down significantly over last year.
One bright spot is that pending sales were up 13% to 2019. While we expect some of these numbers to be lower compared to 2019, we do strongly believe that the market is on pause while we all work together to get through these challenging times. After this pandemic is over, we do expect both buyers and sellers to be very active in the market place and real estate business will return to normal if not higher levels of activity.