by calculated risk November 14, 2024 04:15:00 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 29.2% year over year, but was still down 21.1% 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 9, 2024
• Available inventory has increased, and the number of sold homes has increased by 26.1% compared to the previous year.
For the 53rd consecutive week, the number of homes sold has increased year-over-year. This week’s growth rate was lower than last week, marking the seventh consecutive week of slowing growth and the lowest annual rate of change since late March. Inventory growth is slowing due to slower listing activity and subdued buyer demand.
• New listings, a measure of sellers putting their homes on the market, increased 1.7% 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.
This is a graph showing year-on-year changes in inventory. realtor.com.
Inventories increased year-on-year for 53 consecutive weeks.
However, inventories remain at historically low levels.
The number of new listings remains below typical pre-pandemic levels.
