It’s been such a different year for inventory from 2023 versus 2022 that we are heading toward an event that would have seemed impossible in earlier years: If the current inventory trend continues, we will see some negative year-over-year inventory data soon for the weekly single-family listing data.

the chart below shows the clear trend, which is why tracking inventory with rates higher now will be critical to see if there is any way to stop this reality.

One big reason for this lack of inventory growth has been new listing data, which has trended at

Last week we saw a noticeable slowdown in housing inventory growth that I hope has more to do with a holiday week than a trend. Mortgage rates fell last week after the debt ceiling issues were resolved, but the damage from higher rates took its toll on purchase application data again.

Here’s a quick rundown of the last week:

• Active inventory grew 3,180 weekly, and new listing data fell week to week and is still trending at an all-time low in 2023.
• Mortgage rates fell during the week from a year-to-date high of 7.14% to 6.85% but ended details ⇒

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