Weekly Housing Trends View — Data Week Ending May 6, 2023

Our research team releases regular monthly housing trends reports. These reports break down inventory metrics like the number of active listings and the pace of the market. In addition, we continue to give readers more timely weekly updates, an effort that began in response to the rapid changes in the economy and housing as a result of the COVID-19 pandemic. Generally, you can look forward to a Weekly Housing Trends View and the latest weekly housing data on Thursdays and regular video updates from our economists monthly. Here’s what the housing market looked like over the last week.

What this Week’s Data Means:

Several housing indicators held fairly steady this week. Growth in the median home listing price continued apace and the gap in days on market relative to last year was within a day of its recent trend.  Inventory trends, however, are evolving. The new listings decline moderated somewhat from recent weeks. While further moderation is needed, this is a welcome improvement that comes as new listings near their seasonal high point. In other words, improvement now could have an outsized impact. Additionally, the slowing in active inventory growth signals that some buyers continue to look for opportunities, and improving home purchase sentiment is likely to slowly add to these numbers.

Key Findings:

  • New listings–a measure of sellers putting homes up for sale–were down again this week, by 16% from one year ago.  The number of newly listed homes has been lower than the same time the previous year for the past 44 weeks. Even though there is still a gap, it’s smaller than what was typical in most of March and April and we’re moving into the period of the year when the number of newly listed homes tends to peak–usually in May or June. In other words, a smaller gap in new listings at a time when we typically see large numbers of homes hit the market is a promising sign for hopeful homebuyers and for home sales. 
  • Active inventory was up at a slower pace, with for-sale homes up just 31% above one year ago. The number of homes for sale continues to grow, but compared to one year ago, the pace is slowing. As we discussed last week, several factors make further slowing likely. Practically, this means that while we continue to see weaker price growth, we’re not seeing rapid price declines. For potential sellers, this means equity is still relatively high. For potential first-time home buyers, this means that affordability will continue to be a top concern, and even though down payments have shrunk somewhat, they remain a considerably large hurdle.  

Data Summary:

All Changes year-over-year Year-to-Date 2023 Week ending Apr 22, 2023 Week ending Apr 29, 2023 Week ending May 6, 2023
Median Listing Prices 6.0%  +2.4% +2.4% +2.4%
New Listings  -18%  -21% -22% -16%
Active Listings  +56%  +39% +35% +31%
Time on Market 17 days slower 17 days slower 18 days slower 16 days slower

Weekly Housing VIZ asset GRAY 2023.05.06

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