by calculated risk September 29, 2024 01:23:00 PM
What this means: Each week, Realtor.com reports year-over-year changes in active inventory and new listings. They report total inventory on a monthly basis. For August, visit Realtor.com reported Inventories increased by 5.8% year over year, but were still down 26.4% compared to the same month levels from 2017 to 2019.
realtor.com contains monthly and weekly data on the existing housing market. Here is their weekly report. Weekly Housing Trends View – Data for the week ending September 21, 2024
• Available inventory increased and homes sold increased 33.2% year over year.
The number of properties for sale has increased year-on-year for 46 consecutive weeks since November 2023, and this week the rate of increase in the mid-30% range has continued since April. More homes went on the market this week than any week since January 2020, before the pandemic. Much of the increase in inventory is due to more seller activity than buyer activity, but lower mortgage rates could bring more buyers into the market in the coming weeks.
• The number of new listings, a measure of sellers putting their homes on the market, rose 8.0% this week compared to a year ago.
The year-over-year increase in new listings continued this week as recent easing in mortgage rates continued to encourage more sellers to return to the market. With mortgage rates at their lowest in nearly two years, eager sellers are seizing the opportunity to list their homes to capitalize on the fall buyer activity. We expect this trend to continue as interest rates ease further and more sellers are “unlocked.”
This is a graph of year-on-year changes in inventory. realtor.com.
Inventories increased year-on-year for 46 consecutive weeks.
However, inventories remain at historically low levels.
The number of new listings remains below typical pre-pandemic levels.
