by Calculated Risk on 4/28/2025 08:14:00 AM
Altos reports that active single-family inventory was up 1.3% week-over-week.
Inventory is now up 16.7% from the seasonal bottom in January and is increasing.
Usually, inventory is up about 9% from the seasonal low by this week in the year. So, 2025 is seeing a larger than normal pickup in inventory.
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 2025. The black line is for 2019.
Inventory was up 31.0% compared to the same week in 2024 (last week it was up 32.6%), and down 16.1% compared to the same week in 2019 (last week it was down 16.7%).
Inventory will likely pass 2020 same week levels next week and also be close to the peak for 2024.
It now appears inventory will be close to 2019 levels towards the end of 2025.
This second inventory graph is courtesy of Altos Research.
As of April 25th, inventory was at 729 thousand (7-day average), compared to 719 thousand the prior week.
