by Risk calculated on 25/05/2023 16:05:00
real estate agent.com has monthly and weekly data on the resale market. Here is their weekly report from Chief Economist Danielle Hale: Weekly View of Housing Trends — Data week ending May 20, 2023
• Growth in active inventory has slowed again, with homes for sale only up 20% from a year ago. The number of homes for sale was higher than at this time last year, but not as much as we have seen in recent weeks. As we discussed, a further downturn is likely. One of the main ways this has happened is by getting some homebuyers to consider buying a newly built home.
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• New listings – a measure of sellers putting homes up for sale – fell again this week, down 26% from a year ago. The number of newly listed homes has been lower than the same period a year earlier for the past 46 weeks. This week matched last week’s decline. With roughly two-thirds of existing homeowners holding mortgages more than 2 percentage points below current mortgage rates, it’s easy to see why new listings are lagging behind.
Here is a graph of the change in stocks from one year to the next according to real estate agent.com.
Inventory is still up year-over-year — from record highs — however, the year-over-year increase has slowed sharply recently.
This is the lowest year-on-year increase since June 2022.
The recent trend suggests that active inventory may be down year-over-year in June!