Despite a small increase in new listings last week, there was a 7.8% year-over-year decrease in new properties entered into the Multiple Listing Service (MLS) for the week ending Nov. 14.

Pending listings continue to lag behind 2021 levels as well. Only 1,647 properties went under contract this week, compared to 2,732 the same week last year. That’s a 39.7% year-over-year decrease.

Closings also experienced the 23rd straight week of year-over-year decreases, with 36.3% fewer closed home sales than the same week a year prior.