Realtor.com Reports Weekly Active Inventory Up 29% Year-over-year; New Listings Down 10%

Realtor.com has monthly and weekly data on the existing home market. Here is their weekly report released yesterday from Chief Economist Danielle Hale and Jiayi Xu: Weekly Housing Trends View — Data Week Ending Sep 24, 2022. Note: They have data on list prices, new listings and more, but this focus is on inventory. • Active inventory continued to grow, and improved 29% above one year ago. Financial conditions are changing the balance of sellers and buyers in the housing market with more homes for-sale compared to one year ago. Still, the market is still not back to pre-pandemic inventory levels.
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• New listings–a measure of sellers putting homes up for sale–were again down, dropping 10% from one year ago. This week marks the twelfth straight week of year over year declines in the number of new listings coming up for sale.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.

However, the Realtor.com data has been stuck at up around 26% to 30% YoY for 13 weeks in a row. This is due to the slowdown in new listings, even as sales have fallen sharply.