Houston’s historically low housing inventory showed no improvement last week as new listings registered yet another year-over-year decline.
Realtors entered 2,492 properties into the Multiple Listing Service (MLS) in week 10, a 9.6% drop from the same week in 2021, according to the Houston Association of REALTORS® (HAR) weekly activity snapshot.
Pending listings saw a dramatic 19% year-over-year decline during the week ended March 14. A total of 2,467 property listings went under contract compared to 3,044 last year. This is the second consecutive week that pending listings have trended negatively.
Sellers withdrew 27.8% fewer property listings from the MLS in week 10 than during the same week last year. A total of 664 homes went from active to off-market status compared to 919 in 2021.
The number of closed homes sales was down 6.6% year over year last week. A total of 2,001 sales were closed versus the previous year’s 2,142.
Consumer traffic at Greater Houston property showings also eased in week 10. Year-over-year attendance fell 7.3%, with showings volume totaling 43,162, down from 46,550 in 2021.