Realtor.com has monthly and weekly data on the existing home market. Here is their weekly report released today from Sabrina Speianu: Weekly Housing Trends View — Data Week Ending Apr 1, 2023• Active inventory growth continued to climb, but at a lower rate, with for-sale homes up 53% above one year ago. The inventory of for-sale homes rose compared to last year, but at a slower pace than the previous week for a third time in a row as a smaller number of hopeful homebuyers still outnumber new sellers on the market. Typically by this point in the spring season, the inventory of homes for sale is 2 to 3 percent higher than January-levels. However, the inventory of homes for sale was 11 percent lower than the beginning of the year after 13 weeks of declines. While home inventory was higher than the same week in the last two years, this was primarily driven by longer time on market. The inventory of homes for sale remained at nearly half of what it was several years ago before the pandemic.
• New listings–a measure of sellers putting homes up for sale–were again down, this week by 22% from one year ago. The number of newly listed homes has been lower than the same time the previous year for the past 39 weeks. This past week, the gap from last year increased slightly but has remained in the -20% to -22% range for the past three weeks. While newly listed homes are increasing for the spring season, this seasonal uptick remains lower than all previous years on record since 2017.Here is a graph of the year-over-year change in inventory according to realtor.com.
Inventory is still up sharply year-over-year – from record lows – however, the YoY increase has slowed recently.