by Calculated Risk on 6/29/2023 12:43:00 PM

Realtor.com has monthly and weekly data on the existing home market. Here is their weekly report from economist Danielle Hale: Weekly Housing Trends View — Data Week Ending June 24, 2023

• Active inventory growth stalled completely, with for-sale homes lagging behind year ago levels for the first time in 59 weeks. As mortgage rates surged in 2022, buyers saw costs soar, and a large number of shoppers reoriented their housing plans. The time it took to sell a home lengthened and the number of homes for sale piled up. Flash forward a little more than a year, and this week, the number of homes actively for sale slipped compared to a year ago. The decline was slight–it actually rounds to zero–but it is notable in that it highlights a key reason why despite high costs home prices have not budged much.

• New listings–a measure of sellers putting homes up for sale–were down again this week, by 29% from one year ago. The number of newly listed homes has been lower than the same time the previous year for the past 51 weeks–nearly a whole year. And this week’s data shows an even larger gap.

Here is a graph of the year-over-year change in inventory according to realtor.com. 

Inventory is down 0.3% year-over-year - this was the first YoY decrease in 59 weeks (since May 2022).  

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 this year.