Housing Inventory Increases 1.9% Week-over-week, Positve Trend for Fall 2023
According to a recent report from Altos, there has been a 1.9% increase in active single-family housing inventory compared to the previous week. As of September 15th, the inventory stood at 519 thousand, which is higher than the 509 thousand reported the week before. So far this year, inventory has seen a positive increase of 5.7%. Additionally, inventory has risen by 27.9% since its lowest point 22 weeks ago, signaling an overall upward trend.
The inventory graph demonstrates the seasonal pattern for active single-family housing inventory since 2015. The red line represents the current year, 2023, while the black line represents 2019. Although the inventory is higher compared to 2021’s record low for the same week, it still remains below last year’s levels and significantly lower than normal.
In comparison to the same week in 2022, inventory is down by 6.1% (last week it was down 6.9%), and it’s down by 45.6% compared to the same week in 2019 (last week down 46.2%). However, it is anticipated that the inventory will remain below 2022 levels for the rest of the year. By the end of the year, there is a possibility that the inventory could approach 2020 levels.
The data and insights provided by Mike Simonsen on YouTube offer valuable discussions on this topic.
