by Calculated Risk on 7/18/2024 01:41:00 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 35.8% 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 13, 2024

• Active inventory increased, with for-sale homes 35.8% above year-ago levels.

For the 36th 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 35.8% compared with last year, slightly higher 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 up this week by 8.8% from one year ago.

This week marks 14 out of the past 15 weeks with new listings growth and at 8.8% year-over-year it is slightly above the 2024 weekly average of 8.7%. However, the share of active listings comprising new listings fell from the same last year by just under a percentage point. While newly listed homes increased by 6.3% annually in June, this rate is roughly half of what it was two months ago. Broadly speaking, the number of new homes for sale remains historically low and is still below the 2017-2022 levels, even with recent improvements.

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

Inventory was up year-over-year for the 36th consecutive week.  

However, inventory is still historically low.

New listings remain below typical pre-pandemic levels.