by Calculated Risk on 5/27/2024 09:21:00 AM
Monday, May 27, 2024
Housing May 27th Weekly Update: Inventory up 2.9% Week-over-week, Up 37.0% Year-over-year
Altos reports that active single-family inventory was up 2.9% week-over-week. Inventory is now up 20.3% from the February bottom, and at the highest level since August 2020.
This inventory graph is courtesy of Altos Research.
As of May 24th, inventory was at 595 thousand (7-day average), compared to 578 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 37.0% compared to the same week in 2023 (last week it was up 36.0%), and down 36.1% compared to the same week in 2019 (last week it was down 36.4%).
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.