by calculated risk May 16, 2024 05:07:00 PM
What this means: Every week, Realtor.com reports year-over-year changes in active inventory and new listings. They report total inventory on a monthly basis. Realtor.com reported that inventory in April increased 30.4% year over year, but was still down almost 36% from April 2017 when compared to 2019 levels.
Realtor.com has monthly and weekly data on the existing home market.Here is their weekly report: Weekly Housing Trend View – Data for the week ending May 11, 2024
• Available inventory increased and homes sold increased by 35.0% compared to the same period last year.
For the 27th week in a row, the number of homes for sale increased compared to the previous year, giving homebuyers more options. in fact, Last week, the number of homes sold was the highest since August 2020., is an important milestone. Although new listing activity has slowed, recent strength in listing activity means there are more homes for sale than buyers have seen in about four years. Buyers are considering more options on a national level, but inventory abundance varies geographically. The South led the way in inventory growth with inventory increasing by 43.0% annually in April, while inventory growth in the Northeast remained at 4.0%.
• The number of new listings, a measure of sellers putting their homes on the market, rose 6.6% this week compared to a year ago.
Seller activity continued to increase year over year last week, accelerating compared to the previous week's growth. However, the annual growth rate in the number of new listings was lower than it was nearly every week through early February, indicating that growth in new listings is slowing. .
Below is a graph of year-over-year inventory change from realtor.com.
Inventories increased year-on-year for 27 consecutive weeks.
However, inventories are still very low by historical standards.
Although the number of new listings is up year over year, it remains below typical pre-pandemic levels.
