Houston Area Week 34 Housing Update

The following data compares the Houston Real Estate Market for the 34th week of August 2023 to the 34th week of August 2022.

1. There were more new property listings in Week 34 than in 2022. REALTORS® added 2,828 properties to the Multiple Listing Service (MLS), a 5.3 percent increase over the prior year at this time. Prior to the pandemic, new listings increased by 1.1 percent in Week 34 of 2019, when 2,797 properties were entered into the MLS by REALTORS®.

2. Pending property listings are still lower than in 2022. During Week 34, 1,971 properties were under contract, a 12.1 percent decline from the total of 2,243 in 2022. Prior to the epidemic, pending listings were also 10.5 percent lower than in 2019, when 2,202 homes went under contract.

3. More property listings were removed from the MLS for the week ending August 28 than during the same week in 2022. Off-market listings grew by 11.4 percent, with 1,320 houses moving from active to off-market, up from 1,185 the previous year. Sellers deleted fewer property listings prior to the pandemic, compared to Week 34 of 2019, when off-market listings reached 1,731, a 16.0 percent decline.

4. Showings continue to outperform projections for 2022. There were 35,599 showings in Week 34, a 2.0 percent increase over the 34,884 showings in the same week the prior year. Prior to the pandemic, property showings increased by 6.9 percent over Week 34 of 2019, when consumer traffic reached 33,305.

5. Even though sales went up in two of the last three weeks, closings in Week 34 were lower than in 2022, with 1,733 units sold instead of 1,842. That is 5.9% less than before. Before the pandemic, closings were 7.8% lower than the same week in 2019, when 1,880 units sold.

If you have more questions about the Houston Area real estate market you can call me using the information below. 

Matt Reyes, Broker - broker@marathon.realty - 832-827-3545