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.
Click on graph for larger image.
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.
This second inventory graph is courtesy of Altos Research.
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.