Houston’s new home listings began to level out during the week ended Feb. 28, following skewed readings resulting from the mid-February winter freeze in 2021.
Pending listings continued to trail behind last year’s numbers for the fourth consecutive week. A total of 2,403 property listings went under contract in week eight, reflecting a 7.2% dip from 2,588 the previous year.
Fewer property listings were withdrawn from the MLS last week compared to the same week in 2021, when homeowners were forced to remove listings to perform repairs caused by the freeze. Six hundred and fifty-one homes went from active to off-market status, a 52.3% drop from 1,364 during the same period in 2021.
Closings remained solid despite falling by 2.1% from last year. This can also be attributed to last year’s winter weather, which resulted in a backlog of closings. Closed home sales totaled 2,485 last week compared to 2,539 the previous year.
Property listings saw slower traffic during the week ended Feb. 28, reflecting a 1.3% decline from last year. The number of showings totaled 42,109 versus last year’s 41,570.