by Calculated Risk on 6/03/2024 08:12:00 AM
Monday, June 03, 2024
Housing June 3rd Weekly Update: Inventory up 1.7% Week-over-week, Up 38.4% Year-over-year
Altos reports that active single-family inventory was up 1.7% week-over-week. Inventory is now up 22.4% from the February bottom, and at the highest level since August 2020.
This inventory graph is courtesy of Altos Research.
As of May 31st, inventory was at 605 thousand (7-day average), compared to 595 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 85% from the record low for the same week in 2021, but still well below normal levels.
Inventory was up 38.4% compared to the same week in 2023 (last week it was up 37.0%), and down 35.7% compared to the same week in 2019 (last week it was down 36.1%).
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.