Pending listings saw their fifth consecutive weekly decline last week, as record-high home prices and record-low inventory remain a challenge for would-be buyers.
A total of 2,449 property listings went under contract in week 18, an 18.4% decline from the same week in 2021, according to the Houston Association of REALTORS® weekly activity snapshot.
Last week’s volume of new listings was also down from the previous year. Realtors entered 3,074 properties into the Multiple Listing Service (MLS), dropping 6.2% from 3,278 during the same week in 2021.
Sellers withdrew 29.3% fewer property listings from the MLS during week 18 than during the same week last year. A total of 680 homes went from active to off-market compared to 962 in 2021.
Closings reversed course in the week ended May 9 following a positive performance in week 17. Closed home sales totaled 2,131, dropping 10.5% from last year’s 2,380.
Showings continued to trend negatively last week, falling 4.8% year over year. Showings attendance totaled 41,513 versus 43,614 during the same week in 2021.