Altos reports inventory is down 4.0% week-over-week.
Click on graph for larger image.
This inventory graph is courtesy of Altos Research.
As of January 6th, inventory was at 471 thousand (7-day average), compared to 491 thousand the prior week. Inventory has declined sharply seasonally in the winter.
The red Dot is for the first week of 2023. The black line is for 2019.
Inventory was up 61.4% compared to the same week in 2022, and down 42.3% compared to the first week in 2019.
A key will when inventory starts increasing in 2023 (the bottom is usually in February of each year).
Mike Simonsen discusses this data regularly on Youtube.