By Calculated Risk 2024/7/11 04:56:00 PM
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 34.5% 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 6, 2024
• Available inventory increased, with homes for sale up 34.5% year over year.
For the 35th consecutive week, the number of homes for sale has increased compared to a year ago. Last week, inventory of homes for sale increased 34.5% compared to last year, but growth rate slowed slightly from the week before. Despite having about eight months' worth of building inventory, buyers are seeing more than 30% fewer homes for sale than before the pandemic.
• New listings (a measure of homes for sale) were down 4.9% from a year ago due to Independence Day.
After 13 consecutive weeks of increases in new listings, new listings are down year over year; however, the decline is largely due to how the Fourth of July fell this year compared to last. Even without the holiday impact, the annual growth rate of new listings has slowed over the past few months. New listings were up 6.3% year over year in June, but this growth rate is only half of what it was two months earlier.
Below is a graph of year-over-year changes in inventory from realtor.com.
Inventory has increased year-over-year for the 35th consecutive week.
However, inventories remain at historically low levels.
New listing numbers remain below typical pre-pandemic levels.