Realtor.com reports that weekly active inventory is up 67% year on year; New listings down 18% YoY
To Estimated risk per 23.02.2023 14:57:00
realtor.com has monthly and weekly data on the existing domestic market. Here is their weekly report released today by economist Chiayi Xu: Weekly Housing Trends Review – Week ending February 18, 2023
• Strong inventory growth continued to pick up, with homes for sale up 67% year-over-year.. Inventories of homes for sale have risen again, in line with the annual increase we saw last week. The number of new listings is declining, and the increase in the number of homes for sale reflects the still low buyer interest amid high costs, rather than the influx of sellers that is driving this growth. Even after these huge gains, January data shows that nationwide, home sales are still more than 40% down than were available before the pandemic, which helps explain why neither sellers nor buyers are particularly enthusiastic about the current housing market.
• New listings – a measure of sellers listing homes for sale – are down again this week, down 18% from last year. . For 33 weeks now, fewer homeowners have listed their homes for sale than at the same time last year. After a slight decline in the first few weeks of the year, the gap widened into the fourth week, indicating lower selling interest than we saw a year ago.
Here is a chart of stock changes on an annualized basis. realtor.com.
Inventories are still rising sharply compared to last year; however, growth has slowed recently.