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Thursday, November 02, 2023 Reports Weekly New Listings UP 5.6% YoY; Active Inventory Down 1.0% YoY

by Calculated Risk on 11/02/2023 01:40:00 PM has monthly and weekly data on the existing home market. Here is their weekly report: Weekly Housing Trends View — Data Week Ending Oct 28, 2023

Active inventory declined, with for-sale homes lagging behind year ago levels by 1.0%.

For 19 straight weeks, the number of homes available for sale has registered below that of the previous year.

New listings–a measure of sellers putting homes up for sale–were up this week, by 5.6% from one year ago.

Since mid-2022, new listings have registered lower than prior year levels, as the mortgage rate lock-in effect freezes homeowners with low-rate existing mortgages in place. This past week, the trend abruptly reversed as new listings during the week outpaced the same week in the previous year by 5.6%. While growth in new listings is a needed step for the market to return to normal, this growth rate reflects a rapid decline last year compared to a more stable newly listed homes pace this year, as we are lapping a period of time last year when new listing activity was unseasonably low due to the said mortgage rate lock-in effect.
Realtor YoY Active ListingsHere is a graph of the year-over-year change in inventory according to

Inventory was down 1.0% year-over-year - this was the 19th consecutive week with a YoY decrease following 58 consecutive weeks with a YoY increase in inventory.  

The YoY decline in inventory has generally been getting smaller recently and I expect inventory to be up YoY soon - but still historically very low.

New listings really collapsed a year ago, so the YoY comparison for new listings is easier now - and although new listings remain historically very low, new listings are now up YoY.