Inventory usually declines in the winter, and this is a new record low for this series.
Click on graph for larger image in graph gallery.This inventory graph is courtesy of Altos Research.
As of February 4th, inventory was at 256 thousand (7-day average), compared to 355 thousand for the same week a year ago. That is a decline of 27.9%. A week ago, inventory was at 272 thousand, and was down 25.9% YoY.
Inventory was down 5.9% from the previous week.
Compared to the same week in 2020, inventory is down 64.6% from 722 thousand.
Last year, seasonally, inventory bottomed in April 2021 - very late in the year - usually inventory bottoms by February. An early key in 2022 will be to watch if inventory bottoms earlier this year.
Mike Simonsen discusses this data regularly on Youtube.