Houston real estate slowing down as summer ends?

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R. Michael Brown

New ads lost momentum as families turned their attention to sending children to school, according to the Houston Association of Realtors. However, new listings usually exceed the levels of a year ago. For the week ended August 16, realtors entered 2,901 properties in the MLS, up from 3,227 a year earlier, a decrease of 10.1%.

Incomplete announcements were delayed for the 12th consecutive week during the week ending August 16. A total of 2,431 properties were announced on contract, up from 2,939 in the 32nd week of last year. This is 17.3% less than last year, the number of listings for which a contract was signed.

Sellers recalled fewer MLS properties in week 32 than in the same week in 2020. Off-market ads remained 23.9% below their 32-week level last year. A total of 1,005 homes went from active to sale, up from 1,321 last year.

Local home purchases rose for the second straight week in week 32, despite remaining stock restrictions. Closed home sales totaled 2,226 versus 2,139 in the same week last year. This is 4.1% more than a year earlier.

On an annualized basis, attendance at real estate exhibitions in the Houston area fell 15.0% in the week ending August 16. The number of exhibitions stood at 40,169 for week 32, up from 47,422 for the same week in 2020.

See more at Houston Association of Realtors

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