Realtor.com Reports Weekly Active Inventory Up 53% Year-over-year; New Listings Down 17%
by Calculated Risk on 12/02/2022 01:44:00 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 Nov 26, 2022. Note: They have data on list prices, new listings and more, but this focus is on inventory.
• Active inventory continued to grow, increasing 53% above one year ago. Inventory accelerated again, notching a seventh week in a row with yearly trend growth roughly at or above 2% higher than the previous week.
• New listings–a measure of sellers putting homes up for sale–were again down, dropping 17% from one year ago. This marks the twenty-first consecutive week of year-over-year declines in homeowners listing their home for sale.
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.