by Risk calculated on 07/10/2022 12:50:00
real estate agent.com has monthly and weekly data on the resale market. Here is their weekly report released yesterday by Chief Economist Danielle Hale and Jiayi Xu: Weekly View of Housing Trends — Data week ending October 1, 2022. Note: They have data on list prices, new listings, and more, but the focus is on inventory.
• Active inventory continued to grow, increasing 30% from a year ago. Highlighting the roller coaster that the housing market and its participants have experienced in recent years, the current number of homes for sale depends very much on the point of comparison. After an unusually warm period of activity, financial conditions are cooling demand in the housing market and there are many more homes for sale than a year ago. However, the market is still below pre-pandemic inventory levels by an even larger amount.
• New listings – a measure of sellers putting homes up for sale – fell again, falling 17% from a year ago. This week marks the thirteenth consecutive week of year-over-year declines in the number of new listings put up for sale. As mortgage rates approach 7%, a level not seen in more than two decades, sellers who are also trying to buy a home, nearly 3 in 4 potential sellers, have had to change their exchange plans.
Here is a graph of the change in stocks from one year to the next according to real estate agent.com.
Note the rapid increase in YoY change earlier this year, from a 30% decline at the start of the year to a 29% YoY increase in early July.
However, Realtor.com data has stalled around 26% to 30% year-on-year for 14 straight weeks. This is due to the slowdown in new listings, even as sales have fallen sharply.