The housing reservoir remains critically low in the Greater Houston real estate market as demand and home prices continue to surge.
Realtors entered 3,303 new listings into the Multiple Listing Service (MLS) last week, 3.9% fewer than the same week in 2021, according to the Houston Association of REALTORS® (HAR).
HAR’S latest weekly activity snapshot shows pending listings suffered their most significant year-over-year decline during week 24. A total of 2,138 property listings went under contract compared to 3,050 last year, a 29.9% drop.
Sellers withdrew slightly more property listings from the MLS during the week ended June 21. Off-market listings were 6.1% above where they were last year. A total of 939 homes went from active to off-market, down from 885 in 2021.
Closings slowed for a second week, with closed home sales totaling 2,059 versus last year’s 2,455, a 16.1% decline.
Attendance at showings in Houston fell to the second-lowest level of the year, down 19.2% compared to week 24 in 2021. Showings attendance totaled 37,931, down from 46,943, the report noted.
Perhaps the market will level out Soon!!