Realtor.com Reports Active Inventory UP 1.5% YoY; New Listings up 5.0% YoY
Realtor.com, a leading source of real estate data, has recently published its weekly housing trends report for the week ending November 18, 2023. The report indicates a slight increase in active inventory, with for-sale homes being 1.5% above year-ago levels. In addition, new listings—a measure of sellers putting homes up for sale—were up this week by 5.0% from one year ago.
Breaking Down the Numbers
For the second consecutive week, inventory levels have risen year-over-year (YoY), following a streak of 20 consecutive weeks with a YoY decrease in inventory. Despite this recent increase, inventory levels remain historically low.
New listings had been lower than prior-year levels from mid-2022 through roughly four weeks ago, as the mortgage rate lock-in effect froze homeowners with low-rate existing mortgages in place. However, the trend has reversed over the last three weeks, with new listings outpacing the same week in the previous year by 5.0%.
Implications for Home Buyers and Sellers
The increase in active inventory and new listings is good news for both home buyers and sellers. For buyers, more inventory means more options and potentially less competition, which can help to slow down the rapid price increases seen in recent years. For sellers, the uptick in new listings indicates that more homeowners are feeling confident in listing their homes for sale, which could lead to a more balanced market.
However, it’s essential to keep in mind that inventory levels are still historically low, meaning competition for available homes remains high. Buyers should be prepared to act quickly and make strong offers when they find a home they love. Sellers should ensure their homes are priced competitively and presented well to attract the most interest from potential buyers.
Staying Informed on Housing Market Trends
For those looking to buy or sell a home, staying informed on housing market trends is crucial for making well-informed decisions. Realtor.com’s monthly and weekly data on the existing home market is an excellent resource for staying up-to-date on the latest trends and changes in the market.
Additionally, working with an experienced real estate agent, such as Jessica Fulk, can help both buyers and sellers navigate the ever-changing market and make the best decisions for their unique needs and goals.
Orginal article: Link To Article – provided by Kansas City Realtors
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