The housing market has seen a significant shift in inventory levels. As of January 3rd, the inventory stood at 635 thousand, a decrease from the prior week’s 651 thousand. This week-over-week drop was 2.4%. However, when compared to the same week in 2023, inventory has increased by an impressive 27.3%. This is a slight improvement from last week’s year-over-year increase of 26.8%. Despite this growth, inventory remains 22.2% lower than in 2019, a notable improvement from June 2023 when it was down nearly 54% compared to 2019. This indicates a significant closing of the gap towards more normal inventory levels.
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