Although Greater Houston’s real estate market remains steady, data from a new Houston Association of REALTORS® (HAR) report shows that the current market is slightly cooler compared to 2021.
New-listing activity was solid in week 19 but continues to lag last year’s volume, according to HAR’s latest weekly activity snapshot. Realtors entered 3,108 properties into the Multiple Listing Service (MLS) versus 3,344 during the same week last year, a 7.1% decrease.
Pending listings suffered their steepest year-over-year decline of 2022 during the week ended May 16. A total of 2,488 property listings went under contract, a 22.1% drop from 3,192 last year.
Sellers withdrew fewer property listings from the MLS last week than during the same week in 2021. Off-market listings remained 6% lower, with 770 homes taken off the market compared to 819 last year.
Closings were also down for a second straight week, reflecting the growing effects of diminished inventory and rising interest rates. Closed home sales were down 10.1% to 2,120 from 2,359 during the same in 2021.
Showings attendance in Greater Houston was steady in week 19, though still trailing behind the previous year’s levels. Attendance was 13.4% lower year over year, totaling 44,828 versus last year’s 51,753.