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

Altos reports that active single-family inventory was down 1.9% week-over-week. 

Inventory will now decline seasonally until early next year.

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 27.3% compared to the same week in 2023 (last week it was up 29.8%), and down 19.2% compared to the same week in 2019 (last week it was down 19.4%). 

Back in June 2023, inventory was down almost 54% compared to 2019, so the gap to more normal inventory levels is almost two-thirds closed.

This second inventory graph is courtesy of Altos Research.

As of Nov 8th, inventory was at 722 thousand (7-day average), compared to 736 thousand the prior week. 

Mike Simonsen discusses this data regularly on Youtube.