by calculated risk May 13, 2024 08:11:00 AM
Altos reported that available inventory for single-family homes increased by 1.6% from the previous week. Inventories are currently up 15.2% from February’s lows. This has almost exceeded last year’s maximum inventory.
Click on the graph to see a larger image.
This inventory graph is Altos Research.
As of May 10th, inventory was 568,000 units (7-day average), compared to 560,000 units the previous week.
Inventories remain well below pre-pandemic levels.
The second chart shows the seasonal pattern of active single-family inventory since 2015.
The red line is 2024. The black line is 2019. Note that while inventories are up 83% from the same week’s all-time low in 2021, they are still well below normal levels.
Inventory increased by 35.0% compared to the same week in 2023 (up 33.1% last week) and decreased by 36.6% compared to the same week in 2019 (down 36.8% last week).
As of June 2023, inventories were approximately 54% lower than in 2019, so the gap with more normal inventory levels is gradually closing.