Record low inventory is driving down new listings and overall market activity in the Houston area, the Houston Association of REALTORS® reported in its weekly snapshot.

New listings dropped 17.9% — from 2,944 to 2,417 — for the week ending Feb. 7, compared to the same week last year.  

Showings also dipped year over year, falling by 15.6%. There were fewer than 40,000 showings last week, compared to more than 47,000 the same week in 2021.

Closings increased 11% year over year. There were 1,728 last week and 1,557 the same week in 2021.

Low inventory continues to fuel price growth nationwide, as demand outpaces supply, and that trend is showing up in Houston as well.