Realtor.com Reports Weekly Active Inventory Up 49% Year-over-year; New Listings Down 17%
by Calculated Risk on 11/27/2022 10:20:00 AM
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 Nov 19, 2022. Note: They have data on list prices, new listings and more, but this focus is on inventory.
• Active inventory continued to grow, increasing 49% above one year ago. Inventory accelerated again, notching a sixth straight week of growth in the yearly trend roughly at or above 2%–in this case nearly double.
• New listings–a measure of sellers putting homes up for sale–were again down, dropping 17% from one year ago. This marks a twentieth straight week of year over year declines in homeowners listing their home for sale, a tangible reflection of the ongoing decline in seller confidence.
Here is a graph of the year-over-year change in inventory according to realtor.com.
Note the rapid increase in the YoY change earlier this year, from down 30% at the beginning of the year, to up 29% YoY at the beginning of July.
Then the Realtor.com data was stuck at up around 26% to 30% YoY for 14 weeks in a row. This was due to the slowdown in new listings, even as sales had fallen sharply.
Now YoY inventory is increasing again with even higher mortgage rates, suggesting sales are off more than new listings.