by Calculated Risk on 9/30/2024 08:11:00 AM

Altos reports that active single-family inventory was up 0.8% week-over-week. Inventory is now up 48.0% from the February seasonal bottom.  

Click on graph for larger image.

This inventory graph is courtesy of Altos Research.

As of September 27th, inventory was at 731 thousand (7-day average), compared to 725 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 36.7% compared to the same week in 2023 (last week it was up 37.2%), and down 23.4% compared to the same week in 2019 (last week it was down 24.0%). 

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.