As you can see below, the slope of the housing inventory curve from the seasonal bottom on April 14 has been slow enough that active listings have turned negative year over year. However, last year was very abnormal: We had the biggest one-year sales crash ever, working from the lowest active listings data in March 2022.
New listings had a good week, considering how the year has gone, which is a plus as this data line was down five straight weeks. We have been trending at the lowest levels recorded in U.S. history for 12 months and now we’re heading toward the seasonal decline period. The one positive thing about new listing data is that even with mortgage rates near or above 7% for two months, we haven’t seen a noticeable drop recently.
New listings by year:
- 2023: 63,313
- 2022: 81,053
- 2021: 82,774
The 10-year yield and mortgage rates
Bond yields and mortgage rates rose last week, to 7% again, as
The slow rise of housing inventory this year has made the existing home sales market savagely unhealthy again. However, last week was good; we had less inventory growth than I would like to see, but it’s better than the past few weeks. Mortgage rates rose again and purchase apps saw a mild decline week to week.
- Weekly active listings rose by 8,815
- Mortgage rates rose from 6.89% to 7% before ending the week at 6.98%
- Purchase apps were down 1% from week to week
Weekly housing inventory
It has been a disappointing spring and summer for housing inventory in 2023, with details ⇒
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