Realtor.com Reports Weekly Active Inventory Up 45% Year-over-year; New Listings Down 18%

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 Nov 12, 2022. Note: They have data on list prices, new listings and more, but this focus is on inventory. • Active inventory continued to grow, increasing 45% above one year ago. Inventory accelerated again, notching a fifth straight week of gains roughly at or above 2% after a fair amount of stability between July and September. Fewer newly listed homes would normally cause a decline in inventory, but buyers have retreated from the housing market as higher and more uncertain costs make it difficult to ascertain purchasing power and set a budget.
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• New listings–a measure of sellers putting homes up for sale–were again down, dropping 18% from one year ago. This marks the nineteenth week of year over year declines in homeowners listing their home for sale, a tangible reflection of the ongoing decline in seller confidence. Because potential sellers have pulled back so significantly, prices are decelerating in a more modest fashion than might otherwise be the case. 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.