Inventory usually declines in the winter, and then increases in the spring. Inventory bottomed seasonally at the beginning of March 2022 and is now up 64% since then.
This inventory graph is courtesy of Altos Research.
Inventory is still very low. Compared to the same week in 2021, inventory is up 15.9% from 342 thousand, however compared to the same week in 2020 inventory is down 43.2% from 698 thousand. Compared to 3 years ago, inventory is down 58.3% from 950 thousand.
1. The seasonal bottom (happened on March 4th for Altos) ✅
2. Inventory up year-over-year (happened on May 13th for Altos) ✅
3. Inventory up compared to two years ago (currently down 43.2% according to Altos)
4. Inventory up compared to 2019 (currently down 58.2%).