by calculated risk 11/07/2024 04:01:00 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 September, visit Realtor.com reported Inventory increased 34.0% year over year, but was still down 23.2% when 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 November 2, 2024
• Available inventory increased, and the number of homes sold increased by 26.6% compared to the previous year.
For the 52nd consecutive week, the number of homes sold has increased year-over-year. Inventories have increased each year throughout the calendar year, in part due to slower buyer activity. This week’s growth rate was lower than last week, marking the sixth consecutive week of slowing growth and the lowest annual rate of change since late March.
• The number of new listings, a measure of sellers putting their homes on the market, rose 4.6% this week compared to a year ago.
The number of new listings on the market increased compared to the same week last year. The recent upward trend in mortgage rates can significantly discourage sellers from listing their homes, as approximately 84% of mortgage balances have interest rates of 6% or less. However, mortgage rates are expected to ease in the coming months, potentially “unlocking” some eager buyers.
This is a graph showing year-on-year changes in inventory. realtor.com.
Inventories increased year-on-year for 52 consecutive weeks.
However, inventories remain at historically low levels.
The number of new listings remains below typical pre-pandemic levels.
