Realtor.com Reports Active Inventory Up YoY
Realtor.com has recently published their Weekly Housing Trends View for the data week ending November 11, 2023. The report provides insights into the existing home market and highlights some significant changes in the industry.
Active Inventory Increased Slightly
For 20 consecutive weeks, the number of homes available for sale registered below that of the previous year. However, active listings exceeded last year’s levels this week, with a 0.6% increase. This reversal in the recent trend indicates a possible shift in the market, which may be favorable for buyers looking for more options.
New Listings Up This Week
Since mid-2022, new listings have registered lower than prior year levels, 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, with new listings during the week outpacing the same week in the previous year by 6.4%. This increase in new listings represents a relative jump compared to the previous week and may signal an increase in sellers putting homes up for sale.
Inventory Still Historically Low
Despite the increase in active inventory and new listings, inventory remains historically very low. This low inventory continues to pose challenges for buyers searching for their dream homes. The limited options may also contribute to higher home prices, as buyers compete for available properties.
New Listings Comparison
New listings collapsed a year ago, making the YoY comparison for new listings easier now. Although new listings remain historically very low, they are now up YoY. This increase may provide more options for buyers in the market and could potentially alleviate some of the pressure on home prices.
The recent report from Realtor.com indicates some positive changes in the existing home market, with an increase in active inventory and new listings. However, inventory remains historically low, posing challenges for buyers searching for homes. As the market continues to evolve, it is essential for buyers and sellers to stay informed about the latest trends and make informed decisions accordingly.
Orginal article: Link To Article – provided by Kansas City Realtors