by Calculated Risk on 10/14/2024 08:17:00 AM

Altos reports that active single-family inventory was down 0.3% week-over-week. Inventory is now up 48.3% from the February seasonal bottom.  

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

Click on graph for larger image.

The red line is for 2024.  The black line is for 2019.  

Inventory was up 34.0% compared to the same week in 2023 (last week it was up 36.7%), and down 22/6% compared to the same week in 2019 (last week it was down 23.1%). 

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

This second inventory graph is courtesy of Altos Research.

As of October 11th, inventory was at 732 thousand (7-day average), compared to 734 thousand the prior week. 

Mike Simonsen discusses this data regularly on Youtube.