Housing Dec 9th Weekly Update: Inventory down 2.3% Week-over-week, Up 26.3% Year-over-year

Altos reports that active single-family inventory was down 2.3% week-over-week.  Inventory is now 6.7% below the peak for the year (7 weeks ago).

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 26.2% compared to the same week in 2023 (last week it was up 27.1%), and down 16.8% compared to the same week in 2019 (last week it was down 17.2%). 

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 Dec 6th, inventory was at 690 thousand (7-day average), compared to 707 thousand the prior week. 

Mike Simonsen discusses this data regularly on Youtube.