by Calculated Risk on 1/29/2024 08:21:00 AM

Altos reports that active single-family inventory was down 0.6% week-over-week.  Inventory will likely decrease a little seasonally until the Spring (it could remain mostly flat for a few months like in 2019).

Click on graph for larger image.

This inventory graph is courtesy of Altos Research.

As of January 26th, inventory was at 503 thousand (7-day average), compared to 506 thousand the prior week.   

Inventory is still far below pre-pandemic levels.

The second graph shows the seasonal pattern for active single-family inventory since 2015.

The red line is for 2024.  The black line is for 2019.  Note that inventory is up 85% from the record low for the same week in 2022, but still well below normal levels.

Inventory was up 7.9% compared to the same week in 2023 (last week it was up 7.1%), and down 39.2% compared to the same week in 2019 (last week down 38.6%). 

Back in June 2023, inventory was down almost 54% compared to 2019, so the gap to more normal inventory levels has closed a little.

Mike Simonsen discusses this data regularly on Youtube.