Altos reports that active single-family inventory was up 0.7% week-over-week.
Click on graph for larger image.
This inventory graph is courtesy of Altos Research.
As of June 2nd, inventory was at 436 thousand (7-day average), compared to 433 thousand the prior week.
Year-to-date, inventory is down 11.1%. And inventory is up 7.6% from the seasonal bottom seven 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.
Inventory was up 18.4% compared to the same week in 2022 (last week it was up 21.1%), and down 53.7% compared to the same week in 2019 (last week down 53.5%).
It appears likely inventory will be down year-over-year in late June or early July.
Mike Simonsen discusses this data regularly on Youtube.