by calculated risk April 28, 2024 12:39:00 PM
What this means: Each week, Realtor.com reports year-over-year changes in active inventory and new listings. They report total inventory on a monthly basis. For March, visit Realtor.com report Inventories increased 23.5% year over year, but were still down almost 38% compared to March 2017-2019 levels.
realtor.com contains monthly and weekly data on the existing housing market. Here is their weekly report. Weekly Housing Trends View – Data Weeks ending April 20, 2024
• Available inventory increased, and the number of sold homes increased by 31.7% compared to the previous year.
For the 24th consecutive week, the number of homes for sale increased compared to the previous year, giving homebuyers more options. Sellers may also adjust their plans, with nearly three-quarters of potential sellers also considering buying a home as mortgage rates rise to new highs in 2024. However, due to the long time it takes to go public (80% have been considering selling for one to three years), this year's sellers may not be as deterred by market volatility.
• The number of new listings, a measure of sellers putting their homes on the market, rose 13.5% this week compared to a year ago.
Since February, the number of new homes for sale has exceeded the pace of a year ago by double digits, except for a few weeks around this year's spring break. As reported in his March Homes Report on Realtor.com, new home listings are down from previous years, with the exception of his 2023, which was the lowest on record.
Inventories increased year-on-year for the 24th consecutive week.
However, inventories are still very low by historical standards.
Although the number of new listings is increasing, it remains below typical pre-pandemic levels.