Altos reports that active single-family inventory was down 0.4% week-over-week. Inventory is now 2.8% below the peak for the year (5 weeks ago).
Inventory will now decline seasonally until early next year.
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 27.1% compared to the same week in 2023 (last week it was up 26.7%), and down 17.5% compared to the same week in 2019 (last week it was down 18.5%).
Back in June 2023, inventory was down almost 54% compared to 2019, so the gap to more normal inventory levels is about two-thirds closed.
This second inventory graph is courtesy of Altos Research.
As of Nov 22nd, inventory was at 719 thousand (7-day average), compared to 722 thousand the prior week.
Mike Simonsen discusses this data regularly on Youtube.