by Risk calculated on 03/16/2023 14:59:00
real estate agent.com has monthly and weekly data on the resale market. Here is their weekly report released today by Chief Economist Danielle Hale: Weekly View of Housing Trends — Data week ending March 11, 2023
• Active inventory growth continued to climb with homes for sale up 61% from a year ago. Inventories of homes for sale rose, matching last week’s gain, which was the lowest we’ve seen since December. Instead of new sellers driving these increases, the longer time on the market is driving up the number of homes for sale. It should be noted that active listings at this time last year were at or near long-term lows.
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• New listings – a measure of sellers putting homes up for sale – are down again this week by 18% from a year ago. For 36 weeks, fewer homeowners put their homes up for sale than a year ago. This week’s gap was smaller than last week’s, but the lack of new sellers continues to dampen home sales.
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 sharply year over year; however, the year-over-year increase has recently slowed.