Altos reports that active single-family inventory was down 2.9% week-over-week.
Note that Inventory usually bottoms seasonally in January or February.
The first graph shows the seasonal pattern for active single-family inventory since 2015.
Click on graph for larger image.
The red line is for 2025. The black line is for 2019.
Inventory was up 13.1% compared to the same week in 2024 (last week it was up 13.5%), and down 6.0% compared to the same week in 2019 (last week it was down 5.7%).
Inventory started 2025 down 22% compared to 2019. Inventory and closed most of that gap, however inventory was still down 6% compared to 2019 at the end of the year.
This second inventory graph is courtesy of Altos Research.
As of December 26th, inventory was at 736 thousand (7-day average), compared to 758 thousand the prior week.
Mike Simonsen discusses this data and much more regularly on YouTube