Housing Inventory Falls 1.4% For The Week

Housing inventory fell to the lowest level since June, according to the latest weekly data from Altos Research.

  • Housing inventory fell 1.4% to only 466,000 single-family homes for the week ending January 30th. This is down 1.0% from the start of 2023 and is now at the lowest level since June 27th when inventory was at 444,000.

Pending Sales Up. Pending home sales were not just up in December, pending sales jumped 6.0% this week to 264,000.

  • Simenson notes that the “Sales rates are obviously recovering off the very low levels of Q4. A few weeks ago we had 35% fewer pendings than 2022, now it’s 30% fewer. Newly pending this week was only 21% fewer than last year.”

Prices. The median price of single-family homes in the US is ticked up slightly to $415,000, up 1.0% from last week and up 2.0% from the start of 2023 ($405,100).

  • Price cuts continue to fall reaching 33.9% of the market this week, down almost 10 percentage points from the high reported last fall (43.2%).