Houston Real Estate Market Update The Houston real estate market saw a slight increase in new listings this week, with a 0.7% uptick to 2,402 new listings compared to a year ago. However, pending sales took a hit with a 33.6% decrease to 1,781 pending sales. Many sellers have lost their motivation to sell, resulting in a 51% increase in sellers withdrawing their listings from the market, or a total of 1113 listings being withdrawn from the Multiple Listing Service (MLS) of the Houston Association of Realtors (HAR). Closings were also down by 28% from a year ago, with a decrease to 1,043 closed sales. Showings on listed properties in the Greater Houston metropolitan area were slightly down by 5.7%, with a decrease to 40,375 showings. Online, HAR.com listing views were down by 24.8% with a decrease to 9,805,664 listing views during this week. Overall, the Houston real estate market is experiencing a slowdown in sales and a decrease in consumer interest. However, there is some positive news as inventory levels are 10% higher than a year ago, offering more options for buyers. Additionally, single-family housing starts increased 11% from November to the best level since August, providing hope for an increase in new home construction. It is worth noting that the Houston real estate market is not alone in its struggles. The national housing market is also facing challenges, with sales of existing homes falling for the eleventh straight month in December to the lowest level since 2010 and 35% lower than last year at this time. Inventory levels are also lower than desired, with just a 2.9-month supply nationwide. Additionally, consumer spending, which accounts for over two-thirds of US economic activity, has seen a decline with a 1.1% plunge in retail sales from November. Investors will be closely monitoring the release of economic data this week, including fourth quarter gross domestic product (GDP) and the core PCE price index, for insight into the overall state of the economy and its potential impact on the housing market. The next Fed meeting will take place on February 1st, where investors will also look for guidance on future rate hikes and bond portfolio reduction. #realestate #realtors #housing #sales #motivation #data #construction #future #retail #economy #houston #HoustonRealEstate #HoustonRealEstateAgent #HoustonRealtor #HoustonRealtors #HoustonTX