US Single-Family Housing Inventory Is Up but Still Below Pre-Pandemic Levels
Housing inventory increased by 83% from the record low for the same week in 2021
May 20, 2024
Image: Andy Dean / stock.adobe.com
For the past several years, the U.S. housing market has seen construction timelines lag due to material and worker scarcities. Now single-family inventory appears to be making a comeback. According to housing blog Calculated Risk, inventory is up 1.6% week-over-week and up 15.2% from its February lows. As of May 10, the seven-day average housing inventory reached 568,000, compared with 560,000 the week prior. Despite this, inventory remains well below pre-pandemic levels.
Inventory was up 35.0% compared to the same week in 2023 (last week it was up 33.1%), and down 36.6% compared to the same week in 2019 (last week it was down 36.8%).
Back in June 2023, inventory was down almost 54% compared to 2019, so the gap to more normal inventory levels is slowly closing.
