Altos reports inventory was down 1.9% week-over-week. Usually inventory bottoms in early February; however, in 2022, inventory bottomed in early March.
Here are the same week inventory changes for the last five years:
Click on graph for larger image.
This inventory graph is courtesy of Altos Research.
As of February 3rd, inventory was at 457 thousand (7-day average), compared to 466 thousand the prior week.
The red line is for 2023. The black line is for 2019. Note that inventory is up from the previous two years (the record low was in 2022), but still well below normal levels.
Inventory was up 78.8% compared to the same week in 2022 (last week it was up 71.5%), and down 44.0% compared to the same week in 2019 (last week down 43.7%).
A key will be when inventory starts increasing in 2023 – so far inventory has declined about 6.9% over the first five weeks of 2023.
Mike Simonsen discusses this data regularly on Youtube.