In Depth Analysis: CalculatedRisk Newsletter on Real Estate (Ad Free) Read it here.

Monday, January 08, 2024

Housing January 8th Weekly Update: Inventory Down 2.7% Week-over-week, Up 5.7% Year-over-year

by Calculated Risk on 1/08/2024 08:21:00 AM

Altos reports that active single-family inventory was down 2.7% week-over-week.  Inventory will likely decrease seasonally until the Spring.

Altos Home Inventory Click on graph for larger image.

This inventory graph is courtesy of Altos Research.

As of January 5th, inventory was at 499 thousand (7-day average), compared to 513 thousand the prior week.   

Inventory is still far below pre-pandemic levels.

The second graph shows the seasonal pattern for active single-family inventory since 2015.
Altos Year-over-year Home Inventory
The red line is for 2024.  The black line is for 2019.  Note that inventory is up from the record low for the same week in 2022, but still well below normal levels.

Inventory was up 5.7% compared to the same week in 2023 (last week it was up 4.4%), and down 39.0% compared to the same week in 2019 (last week down 34.4%). 

Back in June 2023, inventory was down almost 54% compared to 2019, so the gap to more normal inventory levels is closing.

Mike Simonsen discusses this data regularly on Youtube.