by Calculated Risk on 1/25/2024 02:55:00 PM

Realtor.com has monthly and weekly data on the existing home market. Here is their weekly report: Weekly Housing Trends View — Data Week Ending January 20, 2024

• Active inventory increased, with for-sale homes 8.6% above year ago levels.

Active listings in the past week grew by 8.6% above the previous year, the 11th straight week of annual growth with no sign yet of a slowdown as growth in inventory increased from the previous week’s 7.9% rate. Should the uptick in new listings persist, the added inventory would greatly improve availability and affordability heading into the spring homebuying season but overall inventory is still 37.5% below similar weeks in 2017 to 2020.

• New listings–a measure of sellers putting homes up for sale–were up this week, by 3.4% from one year ago.

Newly listed homes continue to rise above last year’s levels for the 13th week in a row. However, this past week the number of newly listed homes grew by only 3.4% over last year, a slowing down of the 7.0% growth rate seen in the previous week. During the winter season, there is a smaller pool of both home buyers and sellers active in the market, which could lead to more week-to-week fluctuations. Nonetheless, this past week’s new listing count still represents a decline of 25.9% compared to similar weeks in 2017 to 2020.

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

Inventory was up year-over-year for the 11th consecutive week following 20 consecutive weeks with a YoY decrease in inventory.  

Inventory is still historically very low.

New listings really collapsed a year ago, so the YoY comparison for new listings is easier now - although new listings remain well below "typical pre-pandemic levels", new listings are now up YoY for the 13th consecutive week.