Although the Greater Houston real estate market remains stable, data from a new report from the Houston Association of REALTORS® (HAR) shows that the current market is slightly cooler compared to 2021.
New listing activity was strong in week 19, but continues to lag last year’s volume, according to HAR’s latest weekly activity snapshot. Realtors entered 3,108 properties in the Multiple Listing Service (MLS) compared to 3,344 in the same week last year, a decline of 7.1%.
Pending listings suffered their biggest year-over-year decline in 2022 during the week ending May 16. A total of 2,488 property listings were under contract, down 22.1% from 3,192 last year.
Sellers pulled fewer MLS real estate listings last week than in the same week in 2021. Off-market listings remained 6% lower, with 770 homes pulled from the market compared to 819 last year.
Closings also fell for a second consecutive week, reflecting the growing effects of dwindling inventories and rising interest rates. Sales of closed homes fell 10.1% to 2,120 from 2,359 on the same date in 2021.
Attendance at screenings in Greater Houston was steady in Week 19, though it still lagged behind year-ago levels. Attendance was down 13.4% year over year, totaling 44,828 from 51,753 last year.