by Calculated Risk on 12/10/2023 04:00:00 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 December 2, 2023

• Active inventory increased slightly, with for-sale homes 3.1% above year ago levels. Active listings exceeded last year’s levels again this week, with the rate of increase picking up steam from the previous week (+3.1% year-over-year vs +1.8%). However, on an absolute basis, active inventory continued to fall below its peak earlier in the month, as is seasonally typical.

• New listings–a measure of sellers putting homes up for sale–were up this week, by 5.6% from one year ago. New listings registered lower than prior year levels from mid-2022 through roughly 6 weeks ago, as the mortgage rate lock-in effect froze homeowners with low-rate existing mortgages in place. More recently the trend has reversed as new listings during the week outpaced the same week in the previous year by 5.6%.

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

Inventory was up year-over-year for the 4th 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 - and although new listings also remain well below "typical pre-pandemic levels", new listings are now up YoY.