by Calculated Risk on 5/12/2025 08:11:00 AM

Altos reports that active single-family inventory was up 1.6% week-over-week.

Inventory is now up 21.1% from the seasonal bottom in January and is increasing.  

Usually, inventory is up about 11.5% from the seasonal low by this week in the year.   So, 2025 is seeing a larger than normal pickup in inventory.

The first graph shows the seasonal pattern for active single-family inventory since 2015.

Click on graph for larger image.

The red line is for 2025.  The black line is for 2019.  

Inventory was up 32.9% compared to the same week in 2024 (last week it was up 32.9%), and down 15.7% compared to the same week in 2019 (last week it was down 16.0%). 

This is the highest level since prior to the pandemic.

It now appears inventory will be close to 2019 levels towards the end of 2025.

This second inventory graph is courtesy of Altos Research.

As of May 9th, inventory was at 756 thousand (7-day average), compared to 744 thousand the prior week. 

Mike Simonsen discusses this data regularly on Youtube

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