by Calculated Risk on 2/09/2023 03:56:00 PM
Realtor.com has monthly and weekly data on the existing home market. Here is their weekly report released today from Chief Economist Danielle Hale: Weekly Housing Trends View — Data Week Ending Feb 4, 2023
o Active inventory growth continued to climb with for-sale homes up 70% above one year ago. Inventories of for-sale homes rose again, but climbed at a slightly slower yearly pace than last week….o New listings-a measure of sellers putting homes up for sale-were again down, this week by 11% from one year ago. For 31 weeks now, fewer homeowners put their homes on the market for sale than at this time last year. After smaller declines in the first few weeks of the year, the gap has widened for a second week. High costs and mortgage rates can significantly up the ante for homeowners hoping to trade-up and remain in their current area.
Here is a graph of the year-over-year change in inventory according to realtor.com. NOTE: The release says active inventory is up 70% YoY, but the data shows up 79% (graph based on data).
In early 2022, inventory was declining rapidly, so the year-over-year change is up sharply.
An interesting note this week is that new listings were only down 11% from a year ago. This is a significant change from December when new listings were down 21% year-over-year according to Realtor.com, and down 21.5% in the local markets I track. Something to watch!