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Tracking existing home inventory is very important in 2022.
Inventory usually declines sharply over the holidays – so we will likely see new record lows next week.
This inventory graph is courtesy of Altos Research.
As of December 24th, inventory was at 310 thousand (7-day average), compared to 437 thousand for the same week a year ago. That is a decline of 29.0%. Inventory is down 4.8% from last week.
Compared to the same week in 2019, inventory is down 60.3% from 783 thousand. A week ago, inventory was at 326 thousand, and was down 28.2% YoY.
Seasonally, inventory bottomed in April (usually inventory bottoms in January or February). Inventory last week was about 1.3% above the record low set-in early April.
Inventory peaked for the year in early September, when inventory was at 437 thousand (the peak for the year), so inventory is currently off about 29.0% from the peak for the year.
Mike Simonsen discusses this data regularly on Youtube.
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