Altos reports that active single-family inventory was up 1.0% week-over-week. Inventory is now up 49.7% from the February seasonal bottom.
The first graph shows the seasonal pattern for active single-family inventory since 2015.
Click on graph for larger image.The red line is for 2024. The black line is for 2019.
Inventory was up 33.4% compared to the same week in 2023 (last week it was up 34.0%), and down 21.0% compared to the same week in 2019 (last week it was down 22.6%).
Back in June 2023, inventory was down almost 54% compared to 2019, so the gap to more normal inventory levels is closing.
This second inventory graph is courtesy of Altos Research.
As of October 18th, inventory was at 739 thousand (7-day average), compared to 732 thousand the prior week.
Mike Simonsen discusses this data regularly on Youtube.