by Calculated Risk on 6/20/2024 12:45:00 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 36.0% 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 15, 2024

• Active inventory increased, with for-sale homes 36.0% above year-ago levels.

For the 32nd straight week, there were more homes listed for sale versus the prior year, giving homebuyers more options. This past week, the inventory of homes for sale grew by 36.0% compared with last year, maintaining the same rate of growth as the previous week.

• New listings–a measure of sellers putting homes up for sale–were up this week, by 8.0% from one year ago.

Seller activity continued to climb annually last week, matching last week’s annual growth rate of 8%. These past few months sellers have been particularly sensitive to mortgage rates, with newly listed homes being one of the first metrics to respond to the small fluctuations seen in mortgage rates in recent months. If the promising inflation readings seen in May continue, it could lead to softening rates and increase in seller interest toward the latter half of the year. Meanwhile, newly listed homes remained approximately 22% below pre-pandemic (2017 to 2019) levels.

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

Inventory was up year-over-year for the 32nd consecutive week.  

However, inventory is still historically low.

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