New listings struggled to maintain momentum last week as the volume of newly listed homes fell across Greater Houston.
The latest weekly activity snapshot from the Houston Association of REALTORS® (HAR) shows that Realtors entered 3,474 properties into the Multiple Listing Service (MLS) during week 29, a 7.5% drop from the same week in 2021. This decline marks the third week that new listings charted negative territory.
Pending listings also remained in a slump, dating back to early May. As a result, they experienced their most significant year-over-year decline during the week ended July 25, with 1,949 property listings under contract compared to last year’s 2,964. This 34.2% drop marks the 12th straight week of declines.
Sellers withdrew more property listings from the MLS during week 29 than during the same week last year as the Houston housing market continues to stabilize. Off-market listings were 19.3% above the previous year, with 1,138 homes going from active to off-market compared to 954 last year.
Closings fell for a seventh week as would-be buyers continued to pull back due to record pricing and rising interest rates. As a result, closed home sales totaled 1,957 versus 2,375 last year, a 17.6% year-over-year decline — the steepest of 2022.
Inflation and summertime travel likely caused last week’s slowdown in property showings. Showing attendance for the week totaled 38,670, down 11.1% from 43,483 during the same week in 2021.