Click on graph for larger image in graph gallery.This inventory graph is courtesy of Altos Research.
As of December 10th, inventory was at 339 thousand (7-day average), compared to 469 thousand for the same week a year ago. That is a decline of 27.7%. Inventory is down 3.3% from last week.
Compared to the same week in 2019, inventory is down 58.8% from 822 thousand. A week ago, inventory was at 350 thousand, and was down 27.1% YoY.
Seasonally, inventory bottomed in April (usually inventory bottoms in January or February). Inventory last week was about 10.6% above the record low set-in early April.
Inventory peaked for the year in early September, when inventory was at 437 thousand (the peak for the year), so inventory is currently off about 22.5% from the peak for the year.
Mike Simonsen discusses this data regularly on Youtube.