by Calculated Risk on 7/11/2024 04:56:00 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 June, Realtor.com reported inventory was up 36.7% YoY, but still down 32.4% compared to April 2017 to 2019 levels. 

 Now - on a weekly basis - inventory is up 34.5% 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 July 6, 2024

• Active inventory increased, with for-sale homes 34.5% above year-ago levels.

For the 35th 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 34.5% compared with last year, slightly slower than the rate observed in the previous week. Despite nearly 8 months of building inventory, buyers still see more than 30% fewer homes for sale compared with pre-pandemic.

• New listings–a measure of sellers putting homes up for sale–were down this week due to the Independence holiday, by -4.9% from one year ago

After 13 consecutive weeks of growing new listings, newly listed homes fell below the previous year’s level. However, this decline is in part due to how July 4th fell this year compared to last year. Even without the holiday impact, the annual growth rate of new listings has slowed over the past couple of months. While newly listed homes increased by 6.3% annually in June, this rate is only half of what it was two months ago.

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

Inventory was up year-over-year for the 35th consecutive week.  

However, inventory is still historically low.

New listings remain below typical pre-pandemic levels.