By Calculated Risk 2024/07/05 13:55:00
What this means: Every week, Realtor.com reports the year-over-year change in active inventory and new listings. Monthly, it reports total inventory. In April, Realtor.com reported that inventory was up 35.2% year-over-year, but it's still down about 34% compared to April 2017 to April 2019 levels.
On a weekly basis, inventory is currently up 38.1% year over year.
Realtor.com has monthly and weekly data on the existing housing market. Here is their weekly report: Weekly Housing Trends View – Data for the week ending June 29, 2024
• Active home inventory for sale increased 38.1% year over year, resulting in increased inventory.
The number of homes for sale has increased for the 34th consecutive week compared to a year ago. Last week, the inventory of homes for sale increased 38.1% compared to last year, widening the gap compared to recent weeks and recording the largest annual increase since April 2023.
Despite nearly eight months of housing inventory, buyers are seeing more than 30% fewer homes for sale than they did before the pandemic. Limited supply is putting upward pressure on home prices, which, combined with still-high mortgage rates, is keeping many buyers on the sidelines.
• New listings, a measure of the number of sellers with homes on the market, rose 10.8 percent this week from a year ago.
Seller activity picked up steam this week. New listings were up year over year and more than any week since late April. Recent declines in mortgage rates may be encouraging more homeowners to put their homes on the market.
Below is a graph of year-over-year changes in inventory from realtor.com.
Inventory has increased year-over-year for 34 consecutive weeks.
However, inventories remain at historically low levels.
While new listings are up year-over-year, they remain below typical pre-pandemic levels.