• Active inventory declined, with for-sale homes lagging behind year ago levels by 7.2%.
This past week marked the 9th consecutive decline in the number of homes actively for sale compared to the prior year, however the gap narrowed slightly compared to the previous week’s -8.6% figure. The existing home sales pace has been roughly consistent at a low level in recent months, suggesting affordability driven by high rates and high prices keep making sellers and buyers hold their moving plans.
• New listings–a measure of sellers putting homes up for sale–were down again this week, by 5.7% from one year ago.
For 59 weeks, there have been fewer newly listed homes compared to the same time one year ago. However, this gap has been shrinking as we start to compare against low new listings in the latter months of 2022. This week’s data shows a 2.4 percentage point improvement over last week. While it’s likely that we might see more new listings this fall than the previous year, inventory will continue to remain constrained as listings are still more than 20% below typical pre-pandemic levels seen this time of year.
Here is a graph of the year-over-year change in inventory according to realtor.com.
Inventory was down 7.2% year-over-year – this was the ninth consecutive week with a YoY decrease following 58 consecutive weeks with a YoY increase in inventory.