by Calculated Risk on 9/30/2022 09:48:00 AM
Realtor.com has monthly and weekly data on the existing home market. Here is their weekly report released yesterday from Chief Economist Danielle Hale and Jiayi Xu: Weekly Housing Trends View — Data Week Ending Sep 24, 2022. Note: They have data on list prices, new listings and more, but this focus is on inventory.
o Active inventory continued to grow, and improved 29% above one year ago. Financial conditions are changing the balance of sellers and buyers in the housing market with more homes for-sale compared to one year ago. Still, the market is still not back to pre-pandemic inventory levels….o New listings-a measure of sellers putting homes up for sale-were again down, dropping 10% from one year ago. This week marks the twelfth straight week of year over year declines in the number of new listings coming up for sale.
Here is a graph of the year-over-year change in inventory according to realtor.com.
Note the rapid increase in the YoY change earlier this year, from down 30% at the beginning of the year, to up 29% YoY at the beginning of July.
However, the Realtor.com data has been stuck at up around 26% to 30% YoY for 13 weeks in a row. This is due to the slowdown in new listings, even as sales have fallen sharply.