Realtor.com Reports 36.1% Year-over-Year Increase in Inventory

On a weekly basis, inventory is currently up 36.1% year over year.

Real Estate Agent.com There are monthly and weekly data on the existing housing market. Below is the weekly report. Weekly Housing Trends View – Data for the week ending June 22, 2024

• Available inventory increased, with the number of homes for sale up 36.1% from the previous year.

For the 33rd consecutive week, the number of homes for sale has increased compared to a year ago. Last week, inventory of homes for sale increased 36.1% compared to last year, which is essentially the same margin as in recent weeks. While the recent inventory gains are significantly larger than a year ago, they also highlight how much inventory has declined. Even after the recent increases, active inventory in May was still down more than 30% from typical pre-pandemic levels.

• New listings — a measure of whether sellers are putting their homes on the market — rose 7.4% this week from a year ago.

Seller activity is up compared to a year ago, but momentum has slowed in recent weeks and since the beginning of the year. According to a Realtor.com analysis, 87% of outstanding mortgages have interest rates below 6%. If these homeowners were to sell, they would be giving up relatively inexpensive debt due to current mortgage rates of around 7%, but it’s a costly proposition. Lower interest rates will likely increase seller interest by reducing the strain on the “move or stay” calculation.

Below is a graph of year-over-year inventory changes. Real Estate Agent.com.

Inventory has increased year-over-year for 32 consecutive weeks.

However, inventories remain at historically low levels.

While new listings are up year-over-year, they remain below typical pre-pandemic levels.