Realtor.com reports that weekly active inventory is up 61% year on year; New listings down 26% year on year

To Estimated risk per 03/09/2023 11:26:00

realtor.com has monthly and weekly data on the existing domestic market. Here is their weekly report, released today by Chief Economist Daniel Hale: Housing Trends Weekly Update – Week ending March 4, 2023

Strong inventory growth continued to pick up, with homes for sale up 61% year-over-year.. Stocks of homes for sale rose again, but the increase was the lowest since December. As new listings lag behind last year’s pace, the rising number of homes for sale reflects longer time on the market rather than an influx of sellers.

New listings – a measure of sellers listing homes for sale – are down again this week, down 26% from last year.. For 35 weeks now, fewer homeowners have listed their homes for sale than a year ago. Until this week, the gap was slightly smaller than what we saw in the last quarter of 2022. In February, attitudes towards housing deteriorated both among potential buyers and potential sellers, as mortgage rates began to rise again, and respondents reported a decrease in job security. This attitude can mean a permanent weakness in the number of homeowners who decide to sell.

Active realtor listings on an annualized basisHere is a chart of stock changes on an annualized basis. realtor.com.

Inventories are still rising sharply compared to last year; however, year-on-year growth has slowed recently.