New listings saw their most significant drop of the year in week 30, marking the fourth week of declines, according to the latest Houston Association of REALTORS® (HAR) report.
HAR’s weekly activity snapshot shows that Realtors entered 2,949 properties into the Multiple Listing Service (MLS) last week versus 3,554 during the same week in 2021, a 17% decrease.
Pending listings remain in a downward spiral that began in May. Last week, 1,975 property listings went under contract compared to 2,923 the same week in 2021. This 32.4% drop marks the 13th consecutive week of declines.
Sellers withdrew slightly more property listings from the MLS during week 30 than during the same week last year. Off-market listings were 0.8% above where they were a year ago, with 1,344 homes going from active to off-market compared to 1,334 in 2021.
Closings fell for the eighth week, with closed home sales totaling 2,499 versus 2,826 the previous year, an 11.6% year-over-year decline.
Property showings during week 30 continued to reflect the summer doldrums compared to the same week in 2021. Showings attendance totaled 36,559, down 12.3% from last year’s 41,709.