• Active inventory increased slightly, with for-sale homes 1.5% above year ago levels. Active listings exceeded last year’s levels again this week, falling in line with last week’s trend.
• New listings–a measure of sellers putting homes up for sale–were up this week, by 5.0% from one year ago. New listings registered lower than prior year levels from mid-2022 through roughly 4 weeks ago, as the mortgage rate lock-in effect freezes homeowners with low-rate existing mortgages in place. Over the last three weeks, however, the trend has reversed and new listings during this week outpaced the same week in the previous year by 5.0%.
Here is a graph of the year-over-year change in inventory according to realtor.com.
Inventory was up year-over-year for the 2nd consecutive week following 20 consecutive weeks with a YoY decrease in inventory.