by calculated risk 10/03/2024 02:42:00 Afternoon
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% 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 28, 2024
• Available inventory increased, and homes sold increased by 31.9% compared to the previous year
For 47 consecutive weeks through November 2023, the number of properties for sale has increased year-over-year, and this week continues the mid-30% growth rate that 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 1.7% this week compared to a year ago.
The number of new listings continues to increase, albeit at a slow pace. The slowdown is not entirely surprising as the rate cut was widely expected, and eager sellers may have already taken action to go public in the weeks leading up to the Fed’s announcement. Looking ahead, further rate cuts are expected by the end of 2024, and we expect more sellers to feel ‘unlocked’ as prevailing mortgage rates approach current rates. .
This is a graph showing 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.
