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Monday, March 04, 2024

Housing March 4th Weekly Update: Inventory Up 0.1% Week-over-week, Up 18.8% Year-over-year

by Calculated Risk on 3/04/2024 08:21:00 AM

Altos reports that active single-family inventory was up 0.1% week-over-week. It is likely inventory bottomed in mid-February, as opposed to mid-April in 2023, and inventory is now up 0.9% from the 2024 February bottom.

Altos Home Inventory Click on graph for larger image.

This inventory graph is courtesy of Altos Research.

As of March 1st, inventory was at 498 thousand (7-day average), compared to 498 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 more than double from the record low for the same week in 2022, but still well below normal levels.

Inventory was up 18.8% compared to the same week in 2023 (last week it was up 15.6%), and down 39.1% compared to the same week in 2019 (last week it was down 39.3%). 

Back in June 2023, inventory was down almost 54% compared to 2019, so the gap to more normal inventory levels has closed a little.

Mike Simonsen discusses this data regularly on Youtube.