by Calculated Risk on 11/08/2021 01:44:00 PM
Tracking existing home inventory will be very important this year.
This inventory graph is courtesy of Altos Research.
As of November 5th, inventory was at 401 thousand (7 day average), compared to 530 thousand for the same week a year ago. That is a decline of 24.3%.
Compared to the same week in 2019, inventory is down 55.3% from 898 thousand. A week ago, inventory was at 414 thousand, and was down 23.9% YoY.
Seasonally, inventory bottomed in April (usually inventory bottoms in January or February). Inventory was about 31% above the record low in early April.
Inventory peaked for the year in early September. Nine weeks ago inventory was at 437 thousand (the peak for the year), so inventory is currently off about 8.2% from the peak for the year.
Mike Simonsen discusses this data regularly on Youtube.
Altos Research has also seen a significant pickup in price decreases – now well above the level of a year ago – but still below a normal rate for October.
What's your reaction?