by Calculated Risk June 3, 2024 8:12 AM
Altos reported that active single-family home inventory increased 1.7% week over week. Inventory is up 22.4% from its February low. The highest level since August 2020.
Click on the graph to enlarge the image.
This inventory graph is Altos Research.
As of May 31, inventory was at 605,000 units (7-day average), down from 595,000 units the previous week.
Inventories remain well below pre-pandemic levels.
The second chart shows the seasonal patterns of active single-family home inventory since 2015.
The red line is for 2024 and the black line is for 2019. Note that while inventory is up 85% from the all-time low for the same week in 2021, it is still well below normal levels.
Inventory increased 38.4% compared to the same week in 2023 (up 37.0% last week) and decreased 35.7% compared to the same week in 2019 (down 36.1% last week).
As of June 2023, inventory was down about 54% compared to 2019, so the gap with normal inventory levels is slowly closing.
