by Calculated Risk May 27, 2024 9:21 AM
Altos reported that active single-family home inventory increased 2.9% week over week. Inventory is up 20.3% 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 24, inventory was at 595,000 units (7-day average), down from 578,000 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 84% from the all-time low for the same week in 2021, it is still well below normal levels.
Inventory increased 37.0% compared to the same week in 2023 (up 36.0% last week) and decreased 36.1% compared to the same week in 2019 (down 36.4% last week).
As of June 2023, inventory was down about 54% compared to 2019, so the gap with normal inventory levels is slowly closing.
