by Calculated Risk on 5/22/2023 08:30:00 AM

Altos reports that active single-family inventory was up 0.9% week-over-week.

Click on graph for larger image.

This inventory graph is courtesy of Altos Research.

As of May 19th, inventory was at 424 thousand (7-day average), compared to 420 thousand the prior week.   

Year-to-date, inventory is down 13.6%.  And inventory is up 4.6% from the seasonal bottom five 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 25.4% compared to the same week in 2022 (last week it was up 34.4%), and down 53.3% compared to the same week in 2019 (last week down 53.1%). 

It appears likely inventory will be down year-over-year in June of July.

Mike Simonsen discusses this data regularly on Youtube.