by Calculated Risk on 7/01/2024 08:12:00 AM

Altos reports that active single-family inventory was up 1.8% week-over-week. Inventory is now up 30.7% from the February seasonal bottom, and at the highest level since July 2020.

Click on graph for larger image.

This inventory graph is courtesy of Altos Research.

As of June 28th, inventory was at 646 thousand (7-day average), compared to 634 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 80% from the record low for the same week in 2021, but still well below normal levels.

Inventory was up 38.4% compared to the same week in 2023 (last week it was up 37.7%), and down 33.2% compared to the same week in 2019 (last week it was down 33.6%). 

Inventory should be above 2020 levels for the same week in two weeks.

Back in June 2023, inventory was down almost 54% compared to 2019, so the gap to more normal inventory levels is slowly closing.

Mike Simonsen discusses this data regularly on Youtube.