Altos reports that active single-family inventory was up 1.6% week-over-week. Inventory is now up 46.8% from the February seasonal bottom.
Click on graph for larger image.
This inventory graph is courtesy of Altos Research.
As of September 20th, inventory was at 725 thousand (7-day average), compared to 714 thousand the prior week.
This is the highest level of inventory since May 2020.
The second 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 37.2% compared to the same week in 2023 (last week it was up 37.4%), and down 24.0% compared to the same week in 2019 (last week it was down 25.2%).
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.