Tracking existing home inventory will be very important this year.
This inventory graph is courtesy of Altos Research.
As of June 25th, inventory was at 359 thousand (7 day average), compared to 677 thousand the same week a year ago. That is a decline of 46.9%.
A week ago, inventory was at 353 thousand, and was down 48.8% YoY.
Seasonally, inventory has bottomed. Inventory was about 17.3% above the low in early April.
Mike Simonsen discusses this data regularly on Youtube. Altos Research has also seen a significant pickup in price decreases, although still well below a normal rate for June.
What is your reaction?