From the middle of 2019 through early 2021, housing inventory declined increasingly fast. The worst decline occurred in early 2021 when year to year 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% year to year, the first year to year rise three years! That said, inventory is still 50% below its pre-pandemic level. It should keep rising.