Realtor.com has monthly and weekly data on the existing home market. Here is their weekly report from analyst
Hannah Jones: Weekly Housing Trends View — Data Week Ending July 8, 2023• Active inventory declined, with for-sale homes lagging behind year ago levels by 5%. A year into weekly new listing declines, active inventory levels have started to mirror the slow down in listing activity. More than 80% of home-shoppers looking to buy and sell a home feel locked in by their current mortgage rate. As a result, buyers are seeing fewer available homes on the market. We expect to see this trend continue as mortgage rates are expected to remain elevated for the time being.
• New listings–a measure of sellers putting homes up for sale–were down again this week, by 27% from one year ago. The number of newly listed homes has been lower than the same time the previous year for the past 53 weeks. This week’s data shows a wider gap than last week, and is bigger than what has been typical year-to-date. The job market’s ongoing resilience has enabled buyers to remain active in today’s market, despite the high cost of homeownership. However, high mortgage rates have convinced many would-be sellers to hold off on listing their home for sale. Buyer demand and lack of existing home inventory has resulted in renewed new home sales energy.Here is a graph of the year-over-year change in inventory according to realtor.com.
Inventory was down 5.0% year-over-year – this was the third consecutive YoY decrease following 58 consecutive weeks with a YoY increase in inventory.