New home listings continued to lag behind 2020 levels for the fifth consecutive week, according to the Houston Association of Realtors weekly activity snapshot.
During the week ended Nov. 15, Realtors entered 2,387 properties into the Multiple Listing Service, down 8% from the same week last year. This decline continues to keep inventory constrained at a 1.8-month’s supply.
Week 45 saw a 6.9% drop in pending listings. A total of 2,283 property listings went under contract compared to last year’s 2,451. Slower pending listings is generally perceived as a bellwether of declining closings in the weeks ahead, the report noted.
Sellers withdrew fewer property listings from the MLS during the week than during the same week in 2020. Off-market listings remained 25.6% below where they were at this time last year. A total of 752 homes went from active to off-market status, compared to 1,011 last year.
The Houston real estate market saw a strong rebound in closings during week 45. Closed sales of homes totaled 2,222, compared to 1,872 last year, the biggest year-over-year increase in 20 weeks. On a year-to-date basis, local home sales were running 12.9% ahead of 2020.
Consumer traffic at property showings throughout the greater Houston market trailed 2020 levels. Year-over-year attendance at Houston-area showings fell 16% from last year. Showings volume totaled 31,348, compared to last year’s 37,303.