Inventory continues to grow but the pace has been cut in half from just a few weeks ago, according to Altos Research’s latest data…(Altos)
- Inventory was up 3.3% from the prior week to 525,000 single-family homes on the market.
- This is the third week in a row of 3.0% week-over-week growth with last week and the prior week showing inventory gains of 3.6% and 3.25%, respectively.
NOTE: When Altos first saw an uptick in inventory in March and by April inventory levels were rising 5-7% per week and maintained that pace until mid-July.
Price reductions continue to climb (34.8%) as sellers continue to think it is still the hot housing market of 3 months ago. However, prices barely moved with the median price of single-family homes in the US down 0.2% to $450,000.
NOTE: The price of a new listing ticked up 1.8% to $408,000
I can’t stress this enough, Altos accurately called the last two shifts in inventory levels. The drop of inventory in January and then the pick-up we saw in March. There are a lot of crash bros out there who have been wrong for the last two years and are now feeling vindicated because inventory levels are rising. It is important to follow people who have a track record of success and Mike Simonsen at Altos does and his numbers and data should be the ones you are looking at.