by Calculated Risk on 6/03/2024 08:12:00 AM

Altos reports that active single-family inventory was up 1.7% week-over-week. Inventory is now up 22.4% from the February bottom, and at the highest level since August 2020.

Click on graph for larger image.

This inventory graph is courtesy of Altos Research.

As of May 31st, inventory was at 605 thousand (7-day average), compared to 595 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 85% from the record low for the same week in 2021, but still well below normal levels.

Inventory was up 38.4% compared to the same week in 2023 (last week it was up 37.0%), and down 35.7% compared to the same week in 2019 (last week it was down 36.1%). 

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.