By Calculated Risk 2024/7/18 13:41:00
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 June, Realtor.com reported that inventory was up 36.7% year-over-year, but it's still down 32.4% compared to April 2017 to April 2019 levels.
On a weekly basis, inventory is currently up 35.8% 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 July 13, 2024
• Available inventory increased, with homes for sale up 35.8% year over year.
For the 36th consecutive week, the number of homes for sale has increased compared to a year ago. Last week, inventory of homes for sale increased 35.8% compared to last year, slightly exceeding the previous week's growth rate. Despite having roughly eight months' worth of building inventory, buyers are seeing more than 30% fewer homes for sale than they did before the pandemic.
• New listings, a measure of sellers putting their homes on the market, rose 8.8% this week from a year ago.
This week has been 14 of the last 15 weeks with an increase in new listings, with the 8.8% increase year-over-year being slightly higher than the 2024 weekly average of 8.7%. However, active listings as a percentage of new listings was down just under 1 percentage point from this time last year. New listings in June were up 6.3% year-over-year, but this increase is roughly half of what it was two months ago. Overall, the number of new homes for sale remains historically low and, despite recent improvements, remains below 2017-2022 levels.
Below is a graph of year-over-year changes in inventory from realtor.com.
Inventory has increased year-over-year for 36 consecutive weeks.
However, inventories remain at historically low levels.
New listing numbers remain below typical pre-pandemic levels.
