Tracking existing home inventory is very important this year and in 2022.
This inventory graph is courtesy of Altos Research.
As of December 3rd, inventory was at 350 thousand (7-day average), compared to 481 thousand for the same week a year ago. That is a decline of 27.1%. Inventory is down 6.5% from last week.
Compared to the same week in 2019, inventory is down 58.0% from 834 thousand. A week ago, inventory was at 375 thousand, and was down 24.9% YoY.
Seasonally, inventory bottomed in April (usually inventory bottoms in January or February). Inventory was about 14% above the record low 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 19.9% from the peak for the year.
Mike Simonsen discusses this data regularly on Youtube.