HAR data reflects mid-July cooling in Houston real estate market

by Lindsey Wells

New listings in Greater Houston are trending closely to last year’s numbers, although slightly lower than during the same week in 2021, according to a new report from the Houston Association of REALTORS® (HAR).

HAR’s most recent weekly activity snapshot shows that Realtors entered 3,360 properties into the Multiple Listing Service (MLS) last week, down 1.7% from 3,419 during the same week the previous year.

Pending listings registered their steepest year-over-year decline in Week 27. A total of 2,104 property listings went under contract compared to 2,922 in 2021. This 28% drop marks the 10th week of declines.

Sellers withdrew more property listings from the MLS during the week ended July 11 than they did the previous year, reflecting Houston’s cooling market. Off-market listings were 13% above where they were during the same week in 2021, with a total of 1,012 homes going from active to off-market compared to 896 last year.

The Houston housing market showed distinct signs of cooling as closings fell for the fifth week. Closed home sales totaled 2,112 versus 2,320 in 2021, a 9% year-over-year decline.

Inflationary pressures on top of summer vacations and travel contributed to slower traffic at showings across Greater Houston in Week 27. Attendance totaled 39,715 compared to 45,934 during the same week in 2021, a 13.5% decline.

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