by Calculated Risk on 5/15/2023 08:21:00 AM

Altos reports that active single-family inventory was up 0.2% week-over-week.

Click on graph for larger image.

This inventory graph is courtesy of Altos Research.

As of May 12th, inventory was at 420 thousand (7-day average), compared to 420 thousand the prior week.   

Year-to-date, inventory is down 14.3%.  And inventory is up 3.7% from the seasonal bottom four weeks ago.

The second graph shows the seasonal pattern for active single-family inventory since 2015.

The red line is for 2023.  The black line is for 2019.  Note that inventory is up from the previous two years (the record low was in 2022), but still well below normal levels.

It appears likely inventory will be down year-over-year in Q3.

Inventory was up 34.4% compared to the same week in 2022 (last week it was up 39.7%), and down 53.1% compared to the same week in 2019 (last week down 52.6%). 

Mike Simonsen discusses this data regularly on Youtube.