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Monday, July 08, 2024

Housing July 8th Weekly Update: Inventory up 1.1% Week-over-week, Up 40.0% Year-over-year

by Calculated Risk on 7/08/2024 08:13:00 AM

Altos reports that active single-family inventory was up 1.1% week-over-week. Inventory is now up 32.1% from the February seasonal 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 July 5th, inventory was at 653 thousand (7-day average), compared to 646 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 75% from the record low for the same week in 2021, but still well below normal levels.

Inventory was up 40.0% compared to the same week in 2023 (last week it was up 38.4%), and down 31.2% compared to the same week in 2019 (last week it was down 33.2%). 

Inventory should be above 2020 levels for the same week next week.

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.