We’ve been watching housing inventory closely all year on the Hot Sheet, waiting for a surge of inventory that typically comes in the spring in summer months. But we’ve yet to see that surge—and last week, active inventory dipped below 2022 levels.
Housing Wire reported a 5,848 increase in active inventory from June 23-30, 2023. This brought active inventory across the nation to 465,755. The same week in 2022 saw an increase of 30,940, which brought the total active inventory to 472,046. To really put things in perspective, active listings for the same week in 2015 were 1,183,390.
If we continue to see low increases in inventory throughout the summer months, housing inventory will remain below 2022 levels, adding another layer of complexity to the housing market.
Hot Sheet Recap
Along with an update on housing inventory, Byron Lazine discussed the week’s top news stories for the industry on the Hot Sheet —real estate’s only live daily show.
Here’s everything you may have missed.
Housing Inventory Negative Year Over Year
Hot Sheet: July 5, 2023
Byron Lazine started the short week with a recap of Housing Wire’s weekly inventory update. Last week, active listing inventory dropped below 2022 levels, with a total of 465,755 across the U.S.
From there, the discussion turned to asking rent growth, which remained flat year over year according to CalculatedRisk. The show ended with a Fortune article by Lance Lambert, which states economist Ali Wolf is “watching closely to see if there’s a double-dip recession in housing.”
Click any of the timestamps below to watch
Mortgage Demand Down, Interest Rates Up
Hot Sheet: July 6, 2023
The meeting minutes from the Federal Reserve’s June meeting came out this week. Byron reviews those minutes, including what was said about the housing market.
From there, he discussed a decrease in mortgage applications last week, along with an unexpected increase in the number of new jobs.
Watch any of the segments here:
Office-to-Housing Conversions Hits Snag
Hot Sheet: July 7, 2023
To end the week, Byron discusses early June data for local housing markets from Calculated Risk along with Fannie Mae’s updated housing market forecast. Plus, why office conversions are so complex and the latest jobs report.
Tune in here:
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