by Calculated Risk on 12/29/2025 08:11:00 AM

Altos reports that active single-family inventory was down 2.9% week-over-week.  

Note that Inventory usually bottoms seasonally in January or February.

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

Click on graph for larger image.

The red line is for 2025.  The black line is for 2019.  

Inventory was up 13.1% compared to the same week in 2024 (last week it was up 13.5%), and down 6.0% compared to the same week in 2019 (last week it was down 5.7%). 

Inventory started 2025 down 22% compared to 2019.  Inventory and closed most of that gap, however inventory was still down 6% compared to 2019 at the end of the year.

This second inventory graph is courtesy of Altos Research.

As of December 26th, inventory was at 736 thousand (7-day average), compared to 758 thousand the prior week.  

Mike Simonsen discusses this data and much more regularly on YouTube