The pace of new listings remained lower again this week as Thanksgiving travel increased significantly over last year.
During week 47, real estate agents entered 1,359 properties into the Multiple Listing Service (MLS) for the week ended Nov. 29 compared to 1,563 during the same period last year. This is a 13.1% decrease and marks the seventh consecutive weekly decline, according to the Houston Association of Realtors (HAR) weekly activity snapshot.
Pending listings fell 14.4% compared to the same week in 2020. A total of 1,627 property listings went under contract compared to last year’s 1,901. The slowdown in pending listings is a likely indicator of declining closings in the final weeks of 2021, the report noted.
Sellers withdrew fewer property listings from the MLS during week 47. Off-market listings were down 31.2% from 2020, with a total of 548 homes going from active to off-market status compared to 797 last year.
Sold listings saw a sharp 23.3% decline from last year, as the closed sales of homes decreased from 1,753 to 1,345. On a year-to-date basis, however, local home sales are currently 12.9% ahead of 2020 levels, according to the report.
Consumer traffic at property showings throughout the greater Houston market continued to slow as attendance fell 20% from last year. Showings volume totaled 20,477, down from 25,612.