As 2022 draws to a close, new and pending listings in Houston still trail 2021 levels.
According to the Houston Association of REALTORS® Weekly Activity Snapshot for the week ended Nov. 19, new listings were down 3.2% year over year, while pending listings were down 28.3%.
In contrast, off-market listings jumped 44.6% year over year to 1,170 listings, compared to 809 in the same period last year
Closings also continued to lag behind 2021 levels, which HAR suggests could be due to interest rates stifling demand. Only 1,576 home sales were closed during the week ending Nov. 19, compared to 2,306 during the same week in 2021 (a 31.7% decrease).
Showings and listing views on HAR.com have also decreased year-over-year, indicating that consumers are putting homebuying plans on hold for the time being.