by Calculated Risk on 8/05/2024 08:11:00 AM

Altos reports that active single-family inventory was up 1.0% week-over-week. Inventory is now up 38.4% from the February seasonal bottom.

Click on graph for larger image.

This inventory graph is courtesy of Altos Research.

As of August 2nd, inventory was at 684 thousand (7-day average), compared to 677 thousand the prior week.   

This is the highest level of inventory since June 2020; however, 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.  

Inventory was up 39.9% compared to the same week in 2023 (last week it was up 39.4%), and down 28.9% compared to the same week in 2019 (last week it was down 29.4%). 

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.