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Houston real estate slowing as summer ends?

by R. Michael Brown

Houston real estate slowing as summer ends?

Houston skyline. 📸: Joel Willis

New listings lost some momentum as families turned their attention to sending kids back to school according to Houston Association of Realtors. However, new listings are generally trending above year-ago levels. For the week ending August 16, Realtors entered 2,901 properties into MLS compared to 3,227 a year ago, accounting for a 10.1% decline.

Pending listings lagged for a 12th consecutive week during the week ending August 16. A total of 2,431 property listings went under contract versus 2,939 in week 32 of last year. That is a 17.3% year-over-year decline in the number of listings that went under contract.

Sellers withdrew fewer property listings from the MLS in week 32 than during the same week in 2020. Off-market listings remained 23.9% below their level in Week 32 of last year. A total of 1,005 homes went from active to off-market compared to 1,321 last year.

Local homebuying volume edged up for a second straight week during week 32 despite ongoing inventory constraints. Closed sales of homes totaled 2,226 versus 2,139 for the same week last year. That is up 4.1% from year-ago volume.

Year-over-year traffic at Houston-area property showings fell 15.0% for the week ending August 16. The number of showings totaled 40,169 during week 32 versus 47,242 for the same week in 2020.

See more at Houston Association of Realtors

 

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