by Calculated Risk on 5/06/2024 08:11:00 AM

Altos reports that active single-family inventory was up 0.6% week-over-week. Inventory is now up 13.3% from the February bottom.

Click on graph for larger image.

This inventory graph is courtesy of Altos Research.

As of May 3rd, inventory was at 560 thousand (7-day average), compared to 556 thousand the prior week.   

Inventory is still far below pre-pandemic levels. 

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

The red line is for 2024.  The black line is for 2019.  Note that inventory is up 86% from the record low for the same week in 2022, but still well below normal levels.

Inventory was up 33.1% compared to the same week in 2023 (last week it was up 31.8%), and down 36.8% compared to the same week in 2019 (last week it was down 35.9%). 

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

Mike Simonsen discusses this data regularly on Youtube.