by Calculated Risk on 12/05/2024 02:11:00 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 November, Realtor.com reported inventory was up 26.2% YoY, but still down 21.5% compared to the 2017 to 2019 same month levels. 

 Now - on a weekly basis - inventory is up 25.9% 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 Nov. 30, 2024

• Active inventory increased, with for-sale homes 25.9% above year-ago levels

For the 56th consecutive week, the number of homes for sale has increased compared with the same time last year. However, this week’s growth was smaller than last week’s, marking the ninth consecutive week of deceleration and tied for the smallest annual increase since late March. Sluggish listing activity, combined with subdued buyer demand, has contributed to this slowdown in inventory growth.

• New listings—a measure of sellers putting homes up for sale—plummeted 29% during an idle Thanksgiving week

The number of newly listed homes plummeted 29% last week. While some of the drop may be due to a mortgage rate environment that remains persistently high, most of the large decrease is likely due to the Thanksgiving holiday as sellers are likely deciding to hold off listing their home until buyers are less occupied with their holiday festivities.

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

Inventory was up year-over-year for the 56th consecutive week.  

However, inventory is still historically low.

New listings remain below typical pre-pandemic levels.