Realtor.com Reports Weekly Active Inventory Up 20% YoY; New Listings Down 26% YoY
by Calculated Risk on 5/25/2023 04:05:00 PM
Realtor.com has monthly and weekly data on the existing home market. Here is their weekly report from chief economist Danielle Hale: Weekly Housing Trends View — Data Week Ending May 20, 2023
• Active inventory growth slowed again, with for-sale homes rising just 20% above one year ago. The number of homes for sale was higher than this time last year, but not by as much as we’ve seen in recent weeks. As we have discussed, further slowing is likely ahead. One key way that has been played out is by encouraging some home shoppers to consider buying a newly built home.
• New listings–a measure of sellers putting homes up for sale–were down again this week, by 26% from one year ago. The number of newly listed homes has been lower than the same time the previous year for the past 46 weeks. This week tied last week’s drop. With roughly two thirds of existing homeowners holding onto a mortgage more than 2 percentage points below current mortgage rates, it’s easy to see why new listings lag behind.
Here is a graph of the year-over-year change in inventory according to realtor.com.
Inventory is still up year-over-year – from record lows – however, the YoY increase has slowed sharply recently.
This was the smallest YoY increase since June 2022.
The recent trend suggests active inventory could be down YoY in June!