Houston saw an uptick in new listings last month, as Realtors entered 2.7% more properties into the Multiple Listing Service (MLS) than in March 2021. However, due to the aggressive demand for homes across the market, the gain had little impact on the area’s low inventory, according to a new report by the Houston Association of REALTORS® (HAR).
The First Real Estate Snapshot of Houston (FRESH) report, released by the HAR on the first day of every month, sums up the local real estate market between monthly MLS reports.
Realtors entered 11,651 properties into the MLS in March, up from 11,346 during the same month in 2021.
The number of available properties dropped last month, reflecting the steady pace of home-buying in Houston. As a result, active listings were down 4.8% year over year, with 10,721 properties in the MLS versus 11,257 last year.
Houston buyers saw the average home’s listing price climb to $414,555 in March, up 9.4% from last year’s $379,106. Pricing surpassed the previous ALP high of $400,753 achieved in February, which supports ongoing concerns about housing affordability, the report noted.