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Today, in the Calculated Risk Real Estate Newsletter: The Sellers Strike and Housing Inventory
A brief excerpt: Starting in July, new listings declined year-over-year according to my local market data, and also Realtor.com and Redfin. Realtor.com economist Jiayi Xu noted today:New listings–a measure of sellers putting homes up for sale–were again down 12% from one year ago. This week marks a seventh straight week of year over year declines in the number of new listings coming up for sale and a second consecutive week with double digit declines, suggesting that homeowners are less eager to list homes for sale compared to last year, even though today’s median listing price is more than 14% higher.
emphasis addedAnd from Redfin: Housing Market Update: Slowdown Starts to Ease as Drop in New Listings Hampers Supply
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The bottom line is inventory is still increasing due to less demand, but inventory growth has slowed due to fewer new listings.
This could delay the return to more normal inventory levels (I’ve been comparing to 2019). As always, I’ll be watching inventory closely. There is much more in the article. You can subscribe at https://calculatedrisk.substack.com/
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