by Calculated Risk July 15, 2024 8:14 AM
Inventory growth stalled this week, likely due to the Fourth of July holiday weekend.
Altos reports that active single-family home inventory declined 0.2% week over week. Inventory is now up 31.9% from the seasonal trough in February.
Click on the graph to enlarge the image.
This inventory graph is Altos Research.
As of July 12, inventory was at 651,000 units (7-day average), down from 653,000 units the previous week.
Inventories remain well below pre-pandemic levels.
The second chart shows the seasonal pattern 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 75% from the all-time low for the same week in 2021, it is still well below normal levels.
Inventory increased 38.1% compared to the same week in 2023 (up 40.0% the previous week) and decreased 31.5% compared to the same week in 2019 (down 31.2% the previous week).
Same-week inventories next week should surpass 2020 levels.
As of June 2023, inventory was down about 54% compared to 2019, so the gap with normal inventory levels is slowly closing.
