by Calculated Risk on 9/23/2024 08:11:00 AM

Altos reports that active single-family inventory was up 1.6% week-over-week. Inventory is now up 46.8% from the February seasonal bottom.  

Click on graph for larger image.

This inventory graph is courtesy of Altos Research.

As of September 20th, inventory was at 725 thousand (7-day average), compared to 714 thousand the prior week. 

This is the highest level of inventory since May 2020.  

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.  

Inventory was up 37.2% compared to the same week in 2023 (last week it was up 37.4%), and down 24.0% compared to the same week in 2019 (last week it was down 25.2%). 

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.