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Monday, June 17, 2024

Housing June 17th Weekly Update: Inventory up 1.5% Week-over-week, Up 37.3% Year-over-year

by Calculated Risk on 6/17/2024 08:11:00 AM

Altos reports that active single-family inventory was up 1.5% week-over-week. Inventory is now up 25.6% from the February bottom, and at the highest level since July 2020.

Altos Home Inventory Click on graph for larger image.

This inventory graph is courtesy of Altos Research.

As of June 14th, inventory was at 621 thousand (7-day average), compared to 612 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 82% from the record low for the same week in 2021, but still well below normal levels.

Inventory was up 37.3% compared to the same week in 2023 (last week it was up 37.8%), and down 34.2% compared to the same week in 2019 (last week it was down 34.2%). 

Inventory should be above 2020 levels for the same week sometime in July.

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.