Year‑to‑date resale home sales remain strong, with 197 closings through May compared to 190 during the same period in 2025—a year that set an all‑time record. However, May itself underperformed, coming in slower than both a typical May and May of last year.

Despite the solid year‑to‑date numbers, several indicators warrant attention.

Resale inventory has risen sharply. Active listings increased from 593 in May 2025 to 860 today—an increase of 45 percent. As a result, the average months of inventory for the first five months of 2026 has climbed to 29.6 months, up from 17.6 months during the same period last year.

If this makes you think a buyer’s market is imminent, I encourage you to revisit my March 2026 Market Update, where I explain why that shift will not happen quickly.

Market Outlook Analysis

While several U.S. real estate markets continue to perform well, the broader national picture is not trending in a positive direction. U.S. housing inventory has risen 27% over the past 21 months, and even Realtor.com recently published an article titled “Housing Market Is Stuck in a ‘Cruel Summer’ as Buyers Hold Back and Delistings Surge.” Their central point: the market is in a stalemate, with neither buyers nor sellers willing to make the first move.

For San Miguel, this matters. Many U.S. buyers need—or strongly prefer—to sell their home before purchasing here. Any slowdown or hesitation in their domestic market often translates into delayed buying decisions in San Miguel. For that reason, we will continue to closely monitor U.S. real estate trends and provide updates as new patterns emerge.

External Market Influences

Beyond the U.S. housing landscape, our team also tracks U.S. and global geopolitical developments. These external factors can influence the San Miguel de Allende resale market quickly and significantly. As always, we remain committed to offering timely, transparent insights as conditions evolve.

Thank you for your continued trust in Realty San Miguel for all your real estate needs. We are proud to hold a 4.9‑star rating on Google Business Reviews, and we remain dedicated to providing both buyers and sellers with the highest level of representation.

Philip Hardcastle

A Note on Inventory and Market Dynamics

As you review the sales data, it’s important to remember that San Miguel traditionally carries twelve or more months of inventory across most price ranges—even during strong market cycles. In fact, fifteen to eighteen months of inventory is considered normal for our market.

Because San Miguel functions primarily as a cash market, our absorption rates and inventory timelines will never mirror those of the U.S. or Canada, where mortgage‑driven markets often measure inventory in days or weeks rather than months.