HAR data reflects mid-July cooling in Houston real estate market
New listings in Greater Houston are trending close to last year’s numbers, though slightly lower than the same week in 2021, according to a new report from the Houston Association of REALTORS® (HAR).
HAR’s latest weekly activity snapshot shows real estate agents seized 3,360 properties in the Multiple Listing Service (MLS) last week, down 1.7% from 3,419 in the same week the previous year.
Pending listings recorded their largest year-over-year decline in week 27. A total of 2,104 real estate listings were contracted, compared to 2,922 in 2021. This 28% drop marks the 10th week down.
Sellers pulled more real estate listings from MLS in the week ended July 11 than a year earlier, reflecting the cooling of the Houston market. Off-market listings were 13% higher than they were in the same week in 2021, with a total of 1,012 homes moving from active to off-market, compared to 896 last year.
Houston’s housing market showed distinct signs of cooling as closings dropped for the fifth week. Sales of gated homes totaled 2,112 from 2,320 in 2021, a 9% year-over-year decline.
Inflationary pressures in addition to summer vacations and travel helped slow traffic during screenings in Greater Houston in week 27. Attendance totaled 39,715 compared to 45,934 in the same week in 2021 , a decrease of 13.5%.