New listings data is growing and prices still aren’t crashing
Housing inventory is growing, but national home prices aren’t dropping dramatically, as the recent S&P CoreLogic Case Shiller index clearly showed. Why? The rules of supply and demand economics always end up winning and weekly new listing data is key.
New listing data is growing year over year, but it will be the second-lowest new listing data ever recorded in history. It looks like we won’t see my minimum target of 80,000 new listings during the peak seasonal period and the yearly high should be only 72,329.
Today, we will examine new listing data more extensively to provide a clear example of a stressed seller market and compare that to where we are today. The last time we had a stressed seller market was when national home prices crashed in 2008-2011 and even with more inventory, we’re nowhere close to those levels.
New listings data
The seasonal peak period is in, and we don’t even see the extra selling this year that we did in 2022, which was also a normal-looking year. Here is the new listings data for this week for the last three years:
2024 70,606
2023: 61,749
2022: 90,741
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