• Active inventory declined, with for-sale homes lagging behind year ago levels by 8%. This week marks a 5th consecutive annual decline in the number of homes actively available for sale.
• New listings–a measure of sellers putting homes up for sale–were down again this week, by 18% from one year ago. The number of newly listed homes has been lower than the same time the previous year for the past 55 weeks. The size of the gap has been large and fairly consistent over the past year, but as we pass the period in 2022 when new listings slowed sharply, we may see declines wane.
Here is a graph of the year-over-year change in inventory according to realtor.com. Inventory was down 8.1% year-over-year - this was the fifth consecutive week with a YoY decrease following 58 consecutive weeks with a YoY increase in inventory.
Inventory is still up from the record lows in the 2nd half of 2021 and early 2022, and it is unlikely we will see new record lows by this measure this year.