From mid-2019 through early 2021, housing inventory declined increasingly fast. Peak decline occurred in early 2021 when Y-o-Y inventory fell a whopping 55% due to unrelenting Covid-19-induced demand. Since then, the declines have steadily shrunk, to -30% in January 2022, to zero in early May and now up 11% Y-o-Y, the first Y-o-Y rise three years! That said, inventory is still 50% below its pre-pandemic level. It will keep rising. (Source: Dr. Elliot Eisenberg, the Bowtie Economist).

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