by Calculated Risk on 6/22/2023 03:31:00 PM

Realtor.com has monthly and weekly data on the existing home market. Here is their weekly report from economist Danielle Hale: Weekly Housing Trends View — Data Week Ending June 17, 2023

• Active inventory growth slowed again, with for-sale homes up just 5% above one year ago. The number of homes for sale continues to grow, but the advantage over one year ago is shrinking and likely to slow in the months ahead. As mortgage rates surged in 2022, both buyers and sellers adjusted plans and expectations, and the number of for-sale homes on the market climbed sharply. As we lap the biggest increases in inventory last year, lower interest from homeowners in selling today is eating into the total number of options for buyers, especially with existing home sales largely steadying. This is a contributor to the big shift in expectations we have for inventory in 2023, which will likely decline for the year as a whole.

• New listings–a measure of sellers putting homes up for sale–were down again this week, by 26% from one year ago. The number of newly listed homes has been lower than the same time the previous year for the past 50 weeks. Despite an uptick in seller confidence in May, with an increasing share of consumers saying now is a good time to sell, a smaller number of homeowners are choosing to list homes for sale, limiting the number of cumulative options that home shoppers are likely to see over the course of their search.

Here is a graph of the year-over-year change in inventory according to realtor.com. 

Inventory is still up year-over-year - from record lows - however, the YoY increase has slowed sharply recently.  

This was the smallest YoY increase since May 2022.

The recent trend suggests active inventory will likely be down YoY in the next couple of weeks!