by Calculated Risk on 7/31/2023 08:11:00 AM

Altos reports that active single-family inventory was up 1.1% week-over-week.

Click on graph for larger image.

This inventory graph is courtesy of Altos Research.

As of July 28th, inventory was at 485 thousand (7-day average), compared to 479 thousand the prior week.   

Year-to-date, inventory is down 1.3%.  And inventory is up 19.5% from the seasonal bottom 15 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 record low for the same week in 2021, but below last year and still well below normal levels.

Inventory was down 10.1% compared to the same week in 2022 (last week it was down 8.8%), and down 49.5% compared to the same week in 2019 (last week down 50.1%). 

It appears same week inventory will be below 2022 levels for the remainder of the year. It is possible that inventory will fall below the record lows in 2021 and early 2022 later this year or in early 2024, but currently that seems unlikely.

Mike Simonsen discusses this data regularly on Youtube.