Realtor.com Reports Weekly Active Inventory Up 55% Year-over-year; New Listings Down 16%

Realtor.com has monthly and weekly data on the existing home market. Here is their weekly report released today from Chief Economist Danielle Hale: Weekly Housing Trends View — Data Week Ending Dec 10, 2022. Note: They have data on list prices, new listings and more, but this focus is on inventory.

• Active inventory growth held steady with for-sale homes up 55% above one year ago. Inventory growth climbed higher this week after last week’s first pause in eight weeks.
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• New listings–a measure of sellers putting homes up for sale–were again down, this week by 16% from one year ago. This marks the twenty-third consecutive week of year-over-year declines in homeowners listing their home for sale, and the decline was much bigger than last week’s smallest decline since July.

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

Note the rapid increase in the YoY change earlier this year, from down 30% at the beginning of the year, to up 29% YoY at the beginning of July.

Then the Realtor.com data was stuck at up around 26% to 30% YoY for 14 weeks in a row.  This was due to the slowdown in new listings, even as sales had fallen sharply.

Then the YoY change started increasing sharply again (inventory is likely falling seasonally week-to-week now, but the comparison is YoY).