Following two months of positive gains, new Houston listings edged slightly downward in July, with Realtors entering 14,283 properties into the Multiple Listing Service (MLS) compared to 14,400 the previous July.
This 0.8% decline most likely reflects a seasonal summertime market slowdown, according to a new FRESH report by the Houston Association of REALTORS® (HAR).
The First Real Estate Snapshot of Houston (FRESH) report, released by the HAR on the first day of every month, sums up the local real estate market between monthly MLS reports.
Active listings, or the number of available properties, continue to trend above last year’s levels during the same month. The report noted that this reflects a slowdown in buying activity as consumers reconcile record high home prices and rising interest rates.
Active listings registered 38.8% above where they were in July 2021, with 21,395 properties in the MLS compared to 15,413 last year.
While in positive territory on a year-over-year basis, the average list price (ALP) for a Houston home came below the record high established in May 2022. At $434,892, the ALP is up 10.5% from last year. However, it fell short of May’s record ALP of $441,303.