HAR: Low inventory, high prices remain a concern for Houston real estate

by Lindsey Wells

A new report by the Houston Association of REALTORS® (HAR) revealed a slight year-over-year increase in new Houston listings for the week ended May 23.

According to HAR’s latest weekly activity snapshot, Realtors entered 2,975 properties into the Multiple Listing Service (MLS) in week 20, up 0.3% from 2,965 during the same week in 2021.

Pending listings suffered their steepest year-over-year decline of the year during week 20. A total of 2,366 property listings went under contract versus 3,128 last year, a 24.4% drop. The second most significant decline in pending listings occurred in week 15, with a 19.1% year-over-year drop.

Sellers withdrew fewer property listings from the MLS during week 20 than during the same week in 2021. Off-market listings remained 3.2% below last year, with 806 homes going from active to off-market status compared to 833 last year.

Closings remained down for a third straight week, reflecting the ongoing effects of limited inventory, record-high prices and rising interest rates for would-be buyers. For the week ended May 23, closed home sales totaled 2,155 compared to 2,399 in 2021, a 10.2% year-over-year decline.

Attendance at showings across Greater Houston dropped 12.6% from the same week in 2021. Showings attendance totaled 41,223 compared to 47,199 during the same week last year.

Read More Related to This Post

Join the conversation

Oops! We could not locate your form.