Realtor.com Reports Decline in Weekly Active Inventory and New Listings

According to a recent report from Realtor.com, the weekly active inventory of homes for sale has decreased by 5.2% compared to the same period last year. This decline marks the 11th consecutive week of decreasing inventory levels. While the gap has narrowed slightly compared to the previous week, the housing market continues to be constrained by limited inventory.

High mortgage rates and home prices have deterred both sellers and buyers from making moves, resulting in a consistently low pace of pending and existing home sales. The gap between newly listed homes and the previous year has been consistently shrinking over the past two months, with July and August seeing a decrease of around 8%. However, as expected for the start of September, new home listings have once again begun to decline.

Overall, the current inventory levels are still higher than the record lows experienced in the second half of 2021 and early 2022. It is unlikely that we will see new record lows in inventory this year.

Source: Realtor.com Reports Weekly Active Inventory Down 5% YoY; New Listings Down 8.5% YoY