by Calculated Risk on 5/20/2024 08:11:00 AM
Monday, May 20, 2024
Housing May 20th Weekly Update: Inventory up 1.7% Week-over-week, Up 36.0% Year-over-year
Altos reports that active single-family inventory was up 1.7% week-over-week. Inventory is now up 17.0% from the February bottom, and above the maximum for inventory last year!
This inventory graph is courtesy of Altos Research.
As of May 17th, inventory was at 578 thousand (7-day average), compared to 568 thousand the prior week.
Inventory is still far below pre-pandemic levels.
The red line is for 2024. The black line is for 2019. Note that inventory is up 84% from the record low for the same week in 2021, but still well below normal levels.
Inventory was up 36.0% compared to the same week in 2023 (last week it was up 35.0%), and down 36.4% compared to the same week in 2019 (last week it was down 36.6%).
Back in June 2023, inventory was down almost 54% compared to 2019, so the gap to more normal inventory levels is slowly closing.
Mike Simonsen discusses this data regularly on Youtube.