2023 Week 18: Houston Real Estate Update
Another week of modest gains and flat sales! Here is a quick breakdown of new listings and pending sales for week 18 of 2023 Houston Real Estate.
New listings increased by 1.2% over the week ending May 8. In Week 18, REALTORS® added 3,308 properties to the Multiple Listing Service (MLS), up from 3,268 in the corresponding week last year. However, there was an 8.9% decline in new listings compared to the same week in 2019, before the pandemic, with REALTORS® adding 3,631 fewer homes to the MLS.
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*Data & photo sourced from HAR.com
There are fewer pending real estate listings now than there were in 2022. 2,682 properties went under contract in Week 18 of 2023, which is 6.3% fewer than the 2,862 listings that went under contract in the same week last year. In comparison to 2019, the number of pending listings was stable before the pandemic, with 2,680 properties going under contract. Low inventory still tips market conditions in favor of people who are selling their home. However, the homes that are selling fastest are those in turnkey condition. Sellers are now ready to negotiate, yet buyers remain reluctant due to uncertain market conditions and higher interest rates.
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*Data & photo sourced from HAR.com
If you have further questions about the real estate market please feel free to contact me using the information below.
Matt Reyes, Broker
832-827-3545
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