by Calculated Risk on 7/05/2024 01:55:00 PM

What this means: On a weekly basis, Realtor.com reports the year-over-year change in active inventory and new listings. On a monthly basis, they report total inventory. For April, Realtor.com reported inventory was up 35.2% YoY, but still down almost 34% compared to April 2017 to 2019 levels. 

 Now - on a weekly basis - inventory is up 38.1% YoY.

Realtor.com has monthly and weekly data on the existing home market. Here is their weekly report: Weekly Housing Trends View—Data for Week Ending June 29, 2024

• Active inventory increased, with for-sale homes 38.1% above year-ago levels

For the 34th week in a row, the number of for-sale homes grew compared with one year ago. This past week, the inventory of homes for sale grew by 38.1% compared with last year, increasing the gap compared with recent weeks and notching the largest annual increase since April 2023.

Despite nearly eight months of building inventory, buyers still see more than 30% fewer homes for sale compared with before the pandemic. Limited home supply has kept upward pressure on home prices, which, combined with still-high mortgage rates, means many buyers remain on the sidelines.

• New listings–a measure of sellers putting homes up for sale–were up this week, by 10.8% from one year ago

Seller activity picked up momentum this week. New listing activity increased annually, climbing by more than in any week back to late April. Recently falling mortgage rates might be encouraging more homeowners to list their homes for sale.

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

Inventory was up year-over-year for the 34th consecutive week.  

However, inventory is still historically low.

New listings remain below typical pre-pandemic levels although up year-over-year.