at Calculated Risk on 12/12/2024 05:10:00 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.
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 Dec. 7, 2024
• Active inventory increased, with for-sale homes 23.5% above year-ago levels
For the 57th consecutive week, the number of homes for sale has increased compared to the same time last year. However, this week’s growth was the slowest since March 2024. As the mortgage rates remain close to 7%, the combination of sluggish listing activity and muted buyer demand has led to a slowdown in inventory growth. The pace of growth suggests a more cautious environment where sellers are holding back, and buyers are taking their time—creating a more balanced but tentative housing landscape.
• New listings—a measure of sellers putting homes up for sale—increased 16.5% post-Thanksgiving, and adjusted to 2.6% after accounting for holiday timing
The number of newly listed homes has returned to its pre-Thanksgiving level, resulting in a large year-over-year growth as Thanksgiving falls later in 2024 compared with 2023. After adjusting for the holiday timing factor, the year-over-year increase in new listings is 2.6%.
Here is a graph of the year-over-year change in inventory according to realtor.com.
Inventory was up year-over-year for the 57th consecutive week.
However, inventory is still historically low.
New listings remain below typical pre-pandemic levels.