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Monday, October 23, 2023

Housing October 23rd Weekly Update: Inventory increased 1.4% Week-over-week; Down 3.1% Year-over-year

by Calculated Risk on 10/23/2023 08:21:00 AM

Altos reports that active single-family inventory was up 1.4% week-over-week.

Altos Home Inventory Click on graph for larger image.

This inventory graph is courtesy of Altos Research.

As of October 20th, inventory was at 554 thousand (7-day average), compared to 546 thousand the prior week.   

Year-to-date, inventory is up 12.9%.  And inventory is up 36.7% from the seasonal bottom 27 weeks ago.

The second graph shows the seasonal pattern for active single-family inventory since 2015.
Altos Home Inventory
The red line is for 2023.  The black line is for 2019.  Note that inventory is up from the record low for the same week in 2021, but below last year and still well below normal levels.

Inventory was down 3.1% compared to the same week in 2022 (last week it was down 3.5%), and down 40.7% compared to the same week in 2019 (last week down 42.3%). 

In 2022, inventory didn't peak until the last week in October, and it appears same week inventory will be below 2022 levels for the remainder of the year - depending on when inventory finally peaks this year!

Inventory is now slightly above the same week in 2020 levels (dark blue line).

Mike Simonsen discusses this data regularly on Youtube.