The volume of new listings in Greater Houston lost traction last week compared to the same week in 2021, as the housing market continues to cool down throughout the metro.
According to the latest weekly activity snapshot from the Houston Association of REALTORS® (HAR), Realtors entered 3,249 properties into the Multiple Listing Service (MLS) in Week 28, down 8.7% year over year.
Pending listings have been in a virtual freefall since early May and experienced their most significant year-over-year decline last week. A total of 2,073 property listings went under contract during the week ended July 18 compared to 2,981 in 2021. This amounts to a 30.5% drop, marking the 11th straight week of declines.
Sellers withdrew more property listings from the MLS during Week 28 than during the same week last year. Off-market listings were up 15.3%, with 1,144 homes going from active to off-market compared to 992 in 2021.
With would-be buyers pulling back due to high prices, rising interest rates and limited inventory, closings fell for the sixth week. Closed home sales totaled 2,001 versus 2,422 last year, representing a 17.4% year-over-year decline, the steepest of 2022.
Property showings drew less traffic yearly as inflation and summer vacations prevailed. Attendance totaled 39,140, down 15.8% from last year’s 46,469.