Dallas-Fort Worth ranked among the top cities in the U.S. for closed home sales in May, according to the RE/MAX National Housing Report.

Despite a 0.3% decrease in closings year over year, Dallas ranked third in the country for closed home sales last month, with 9,311 homes sold compared to 9,336 in May 2023. The only cities with more home sales were Chicago and New York.

Meanwhile, Dallas saw the third-highest quantity of new listings added to the market. Realtors added 13,741 properties to the MLS during the month, an 18.2% increase year over year. That contributed to one of the largest active inventory supplies in the country, with 24,375 properties on the market in May.

“The amount of active inventory for sale in Dallas-Fort Worth has increased by 55.8% in the last 12 months, the fourth highest in the country,” Todd Luong, an agent with RE/MAX DFW Associates, said in a press release. “This significant increase in housing supply is contributing to a slower rise in home prices. The median home price was just over $408,000 last month in May, a 1.5% increase from a year ago. That is a much slower rate of growth than the national average.”

Luong added that prospective Dallas homebuyers are having a much easier time finding homes compared to 2021 and early 2022.

“Often, [homebuyers] are able to secure a home without competing against multiple offers, and occasionally, they can even get the property they want for below the listing price,” he said. “This was unheard of just a few years ago.”