• Active inventory growth continued to climb with for-sale homes up 61% above one year ago. Inventories of for-sale homes rose, tying last week’s gain, which was the lowest we’ve seen since December. Instead of new sellers driving these increases, longer time on market is pushing the number of homes for sale higher. Of note, active listings at this time last year were at or near long-term lows.
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• New listings–a measure of sellers putting homes up for sale–were again down, this week by 18% from one year ago. For 36 weeks, fewer homeowners put their homes on the market for sale than at this time one year ago. This week’s gap was smaller than last week’s, but the lack of new sellers is still a drag on home sales.
Here is a graph of the year-over-year change in inventory according to realtor.com.
Inventory is still up sharply year-over-year; however, the YoY increase has slowed recently.