by Calculated Risk on 10/07/2024 08:11:00 AM
Monday, October 07, 2024
Housing Oct 7th Weekly Update: Inventory up 0.4% Week-over-week, Up 36.7% Year-over-year
Altos reports that active single-family inventory was up 0.4% week-over-week. Inventory is now up 48.6% from the February seasonal bottom.
The first graph shows the seasonal pattern for active single-family inventory since 2015.
The red line is for 2024. The black line is for 2019.
Inventory was up 36.7% compared to the same week in 2023 (last week it was up 36.7%), and down 23.1% compared to the same week in 2019 (last week it was down 23.4%).
Back in June 2023, inventory was down almost 54% compared to 2019, so the gap to more normal inventory levels is closing.
As of October 4th, inventory was at 734 thousand (7-day average), compared to 731 thousand the prior week.
This is the highest level of inventory since May 2020.
Mike Simonsen discusses this data regularly on Youtube.