Housing Inventory Continues To Hold

Despite an uptick in demand, housing inventory continues to defy expectations as inventory held steady for another week, according to the latest data from Altos Research.

• Single family homes on the market held at 410,000, unchanged from last week and still down 16.0% from the start of the year. These are the lowest levels we have seen since June of 2022.

• Home price reductions are now under 30% and getting close to 2019 levels.

Price. The median price of single family home rose slightly to $439,900, up 0.3% from last week and now up 9% from the start of the year ($405,000).

New Listings. New listings continue to remain 18% below last year. Mike Simonsen, CEO of Altos Research, says with 25% of new listings under contract within days of the listing there is “plenty of demand for the existing supply.”