Housing November 27th Weekly Update: Inventory Down Week-over-week, Up Slightly Year-over-year

Altos reports that active single-family inventory was down 0.7% week-over-week and is now up 0.2% year-over-year.  Inventory will decrease seasonally for next several weeks (for the Holidays).

Click on graph for larger image.

This inventory graph is courtesy of Altos Research.

As of November 24th, inventory was at 566 thousand (7-day average), compared to 570 thousand the prior week.   

Year-to-date, inventory is up 15.3%.

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 up 0.2% compared to the same week in 2022 (last week it was up 0.1%), and down 35.1% compared to the same week in 2019 (last week down 35.7%). 

Inventory is now solidly above the same week in 2020 levels (dark blue line).

Mike Simonsen discusses this data regularly on Youtube.