by calculated risks 11/17/2022 02:10:00 PM
Realtor.com has monthly and weekly data on the current local market. This is their weekly report released today from Chief Economist Daniel Hill: View Housing Trends Weekly – Data Week Ending November 12, 2022. Note: They have data on list prices, new listings, and more, but this focus is on inventory.
• Active inventory has continued to grow, up 45% from last year. Inventory accelerated again, posting its fifth straight week of gains at roughly 2% or higher after a reasonable amount of stabilization between July and September. Fewer newly listed homes usually cause inventory to drop, but buyers have pulled back from the housing market as high and uncertain costs make it difficult to ascertain purchasing power and budget.
• New listings — the measure of sellers putting homes for sale — are down again, down 18% from a year ago. This marks the 19th week of annual decline in homeowners listing to sell their homes, a tangible reflection of the continuing decline in seller confidence. Because the potential sellers have pulled back so dramatically, prices slow in a more modest way than they might otherwise.
Here is a graph of the annual change in inventory according to realtor.com.
Note the rapid increase in year-over-year change earlier this year, from a 30% drop at the start of the year, to a 29% year-over-year increase at the start of July.
Then Realtor.com’s data was stuck at 26% to 30% annually for 14 straight weeks. This was due to a slowdown in new listings, even as sales fell sharply.
Now inventory is up year-over-year again as mortgage rates are rising, which indicates more stalled sales than new listings.