by Calculated Risk on 8/02/2021 10:55:00 AM
Tracking existing home inventory will be very important this year.
This inventory graph is courtesy of Altos Research.
As of July 23rd, inventory was at 407 thousand (7 day average), compared to 627 thousand the same week a year ago. That is a decline of 35.0%.
A week ago, inventory was at 403 thousand, and was down 37.1% YoY.
Seasonally, inventory has bottomed. Inventory was about 32.8% above the record low in early April.
Mike Simonsen discusses this data regularly on Youtube.
Altos Research has also seen a significant pickup in price decreases – almost back to the level of a year ago – although still well below a normal rate for July.