by Calculated Risk on 5/01/2023 08:11:00 AM

Altos reports that active single-family inventory was up 2.0% week-over-week. It appears inventory has finally bottomed seasonally.  This is the highest inventory level since the week ending Feb 24th.

Click on graph for larger image.

This inventory graph is courtesy of Altos Research.

As of April 28th, inventory was at 422 thousand (7-day average), compared to 414 thousand the prior week.   

Year-to-date, inventory is down 14.0%.  And inventory is up 4.1% from the bottom two weeks ago.

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

The red line is for 2023.  The black line is for 2019.  Note that inventory is up from the previous two years (the record low was in 2022), but still well below normal levels.

Inventory was up 46.7% compared to the same week in 2022 (last week it was up 52.5%), and down 51.3% compared to the same week in 2019 (last week down 52.1%). 

Mike Simonsen discusses this data regularly on Youtube.