The Houston Association of REALTORS® Weekly Activity Snapshot shows that while new listings and consumer traffic at showings are returning to healthy levels, off-market listings are still drastically higher than they were a year ago.

New listings are down 6.8%, representing a small decrease in momentum for Houston inventory. Pending listings are down as well, with 2,208 listings going under contract during the week ended Jan. 23 compared to 2,852 during the same time in 2022. That’s a decrease of 22.6% year over year.

Off-market listings are up 77.2% over January 2022 levels. While only 724 listings were pulled from the Multiple Listing Service during the week ended Jan. 23, 2022, over 1,200 homes were pulled from the market during the same week in 2023.

Closings are also down year over year — only 1,140 home sales were closed during week 3, a 32.3% decrease.

However, consumer traffic at showings has rebounded from the levels seen at the end of 2022. Traffic is only down 4.4% year over year.