This week in the housing market data from @Compass Intelligence: Inventory is plenty high, but sales are a little ahead of last year and new listings volume is decelerating. 860,000 single family homes in unsold inventory. Up 27% over last year, only +40bp for the week. 1/6

2/6 NEW LISTINGS What I'm noticing: The pace of new listings is decelerating. Just 2% more home sellers each week than a year ago. 72,000 new listings unsold this week + 12,000 immediate sales.

3/6 WEEKLY PENDING HOME SALES For 9 weeks in a row the weekly pending sales have come in above 2024. These are sales that will close in August and September. It sure looks to me like slight growth over last year.

4/6 HOME PRICES The price of those newly pending home sales is just 1% above last year at this time at $399,000 California home prices are still positive YoY, but Florida, Arizona, Colorado and a few others are negative. The price momentum is still negative.

5/6 PRICE REDUCTIONS There are more homes on the market with price reductions than any July in 12 years. But - rates have been stable and the price cuts have been moving pretty slowly as well. Only a 30bp increase this week. If conditions deteriorate, expect to see it here