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Housing Inventory February 21st Update: Inventory Down Slightly Week-over-week; New Record Low

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by Calculated Risk on 2/21/2022 10:07:00 AM

Tracking existing home inventory is very important in 2022.

Inventory usually declines in the winter, and this is anew record low for this series.

Click on graph for larger image in graph gallery.

This inventory graph is courtesy of Altos Research.

As of February 18th, inventory was at 248 thousand (7-day average), compared to 334 thousand for the same week a year ago. That is a decline of 25.8%.
A week ago, inventory was at 250 thousand, and was down 27.5% YoY.
Inventory was down 0.7% from the previous week.
Compared to the same week in 2020, inventory is down 65.7% from 723 thousand.
Last year inventory bottomed seasonally in April 2021- very late in the year – usually inventory bottoms by February. An early key in 2022 will be to watch if inventory bottoms earlier this year.

And here is a table of the year-over-year change by week since the beginning of the year. A possible early indicator might be if the YoY decline is less each week.

Week EndingYoY Change12/31/2021-30.0%1/7/2022-26.0%1/14/2022-28.6%1/21/2022-27.1%1/28/2022-25.9%2/4/2022-27.9%2/11/2022-27.5%2/18/2022-25.8%
Mike Simonsen discusses this data regularly on Youtube.

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