by Calculated Risk September 19, 2024 2:48 PM
What this means: Realtor.com reports the year-over-year change in available inventory and new listings weekly. Monthly, it reports total inventory. For August, Realtor.com reported: Reported Inventory was up 5.8% year over year, but down 26.4% compared to the same month in 2017-2019.
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 September 14, 2024
• The inventory of homes for sale increased, up 33.0% from the previous year.
For the 45th consecutive week dating back to November 2023, the number of homes for sale has increased year-over-year, continuing the mid-30% growth rate that began in April this week. This is a slight decrease from last week’s 33.4% increase. As explained above and below, it is important to note that much of the increase in inventory is due to the accumulation of properties in a struggling market, rather than a surge in new listings.
• The number of new listings (a measure of homes for sale) increased 6.6% from a year ago.
The recent easing of mortgage rates continues to encourage many sellers to return to the market, with the year-over-year increase in new listings continuing this week. With mortgage rates about one percentage point lower than last year and interest rate cuts announced, sellers are expected to remain motivated to sell this fall. Additionally, with interest rates likely to fall further in 2025, we expect to see a further increase in listing activity next spring.
Below is a graph of year-over-year inventory changes. Real Estate Agent.com.
Inventory has increased year-over-year for 45 consecutive weeks.
However, inventories remain at historically low levels.
New listing numbers remain below typical pre-pandemic levels.
