HAR: Low inventory, high prices remain a concern for Houston real estate

A new report from the Houston Association of REALTORS® (HAR) found a slight year-over-year increase in new listings in Houston for the week ended May 23.

According to the latest information from HAR weekly activity snapshotRealtors entered 2,975 properties in the multiple listing service (MLS) in week 20, up 0.3% from 2,965 in the same week in 2021.

Pending listings suffered their biggest year-over-year decline in week 20. A total of 2,366 property listings were under contract compared to 3,128 last year, a drop of 24, 4%. The second largest drop in pending listings occurred in week 15, with a 19.1% year-over-year drop.

Sellers pulled fewer MLS real estate listings in week 20 than in the same week in 2021. Off-market listings remained 3.2% lower than last year, with 806 homes moving from active status to off-market status versus 833 last year.

Closings remained down for a third consecutive week, reflecting the continued effects of limited inventory, record prices and rising interest rates for potential buyers. For the week ended May 23, sales of closed homes totaled 2,155 compared to 2,399 in 2021, a decline of 10.2% year over year.

Attendance at screenings in Greater Houston fell 12.6% from the same week in 2021. Attendance at screenings totaled 41,223 compared to 47,199 in the same week last year.