Tracking existing home inventory will be very important this year.
Click on graph for larger image in graph gallery.
This inventory graph is courtesy of Altos Research.
As of July 16th, inventory was at 391 thousand (7 day average), compared to 647 thousand the same week a year ago. That is a decline of 39.6%.
A week ago, inventory was at 373 thousand, and was down 43.0% YoY.
Seasonally, inventory has bottomed. Inventory was about 27.4% above the record low in early April.
Mike Simonsen discusses this data regularly on Youtube. Altos Research has also seen a significant pickup in price decreases, although still well below a normal rate for July.