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5,050 Bitcoin for $5 in 2009: Helsinki’s claim to crypto fame

Helsinki played host to the first Bitcoin for fiat transaction in 2009 — 5050 Bitcoin for $5 — 6 months before Pizza Day. Crypto City Guide.

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Helsinki played host to the first Bitcoin for fiat transaction in 2009 — 5050 Bitcoin for $5 — 6 months before Pizza Day. Crypto City Guide.

This Crypto City guide looks at Finlands crypto culture: The most notable projects and people, its financial infrastructure, which retailers accept crypto, and where you can find blockchain education courses.

City: Helsinki
Country: Finland
Population: 1.55 million 
Established: 1550
Languages: Finnish and Swedish, with English widely spoken

Jump to: Crypto culture, Where to spend crypto in Helsinki, Crypto projects and companies, Local crypto controversies, Crypto education and community, Notable crypto figures from Helsinki

Situated on the Gulf of Finland, Helsinki is the capital of Finland and is arguably the worlds most northern metropolis, with 1.5 million people 30% of the countrys population calling the metro area home. Its inhabitants spend winter in a cold, still darkness but enjoy 11:00 pm sunsets in summertime.

Helsinki Cathedral at sunrise, after a night of partying
Helsinki Cathedral at sunrise, after a night of partying. (Elias Ahonen)

Major population centers are nearby, with both Tampere and Turku reachable in two hours via road or rail. There are regular ferry services across the Baltic including to Estonias capital of Tallinn, which can be reached in two hours by sea, and there are also plans to link the cities via an undersea tunnel. The nearby Helsinki-Vantaa airport is the countrys main international gateway and serves as a transfer hub for Asia.

Finland has been ranked the happiest country in the world for six consecutive years by the World Happiness Report. Its income tax rate tops out at 56% one of the highest in the world and the tax data of every resident is public. Helsinki played host to the 1952 Summer Olympics. The country joined the European Union in 1995 and adopted the euro as its currency in 1999. In 2023, Finland became a member of NATO.

As the capital, Helsinkis crypto events draw participants from across the country, making it the natural meeting place for the industry. For that reason, projects and companies from nearby cities like Tampere and Turku are also included here.

The area was first settled around 5000 BC as the ice age retreated. Vikings raided the established settlements, as did Swedish crusaders in the 10th and 13th centuries. The city was formally established in 1550 as a Swedish trading post, defended by Suomenlinna (Finlands fortress), the largest sea fort in Europe. Later, under Russian control as the Grand Duchy of Finland, the emperor moved the capital from Turku to Helsinki, which was closer to St. Petersburg. Finland became independent in 1917, after which it resisted Soviet occupation in the 1940 Winter War.

The Finnish Parliament
The Finnish Parliament. (Elias Ahonen)

Crypto culture

Helsinkis claim to crypto fame rests with Martti Malmi, a software developer who in 2009 sold 5,050 BTC for a $5.02 PayPal transfer, marking the first time that Bitcoin was exchanged for fiat currency. It occurred before the much better-known May 22, 2010, Pizza Day, when Bitcoin was first used to purchase a physical good. Eventually, Malmi used most of his Bitcoin to purchase a studio in the metro area. If hed hung on to it, itd be worth $171 million today. The Bitcoin was used to seed an exchange called New Liberty Standard, which established the first BTC price of 1,309.03 BTC for $1.

Malmi was, in some ways, a product of his environment, with Helsinki recognized as a bed of technical innovation since Nokia began to dominate the cellphone market. In 1991, Linus Torvalds began working on what became Linux at the University of Helsinki. It is also home to many video game companies, with local firm Rovios Angry Birds achieving global fame in 2009. Helsinki is also the home of Aave founder Stani Kulechov, though he has moved abroad with the company.

In 2019, a then-staunchly Bitcoin maximalist group called Konsensus organized the translation of Saifedean Ammous 2018 book The Bitcoin Standard into Finnish, and later also translated The Little Bitcoin Book by The Bitcoin Collective. According to one member, the organization has since become more accepting of other cryptocurrencies and blockchain use cases.

The crypto community in Helsinki and Finland is somewhat disorganized and divided, with many enthusiasts being interested in one facet be it Bitcoin, NFTs or Web3 without embracing the whole, and thus having few common threads. Still, a certain grassroots energy is evident.

Founding meeting of The Finnish Bitcoin Association in Helsinki on May 6, 2023
The founding meeting of The Finnish Bitcoin Association in Helsinki on May 6, 2023. (Elias Ahonen)

Where can I spend crypto in Helsinki?

Paying with Bitcoin is not common in Finland, where card and app payments dominate. One notable exception is the restaurant Faro, at which a few people are likely to buy a burger and beers with sats at the monthly Bitcoin meetup.

On the bar side, Taudo Baari and Time Bar also accept crypto. There is also the Osuva shooting range.

Samuel Harjunp, CEO and co-founder of hardware startup Xellox and regular at the Faro Bitcoin meetup, tells Magazine about the state of Bitcoin acceptance:

A few restaurants and bars have already been orange-pilled the biggest obstacles are the payment infrastructure and bookkeeping.

Crypto projects and companies in Helsinki

Today, Helsinki has a vibrant tech and startup scene with many coworking spaces. The city is also host to the annual Slush startup conference, which draws 25,000 participants.

Web3 Helsinki is a student-run organization that organized its first event on April 20, 2020, with about 150 people in attendance, making it perhaps the largest single crypto event of the year.

2023s events have included the Web3 Bash in late April, followed by the Aurora Nordic Web3 Conference in June. On June 6, the BRIDG3 Blockchain summit was held at Tamperes Nokia Arena, focusing on Web3, the metaverse and decentralized autonomous organizations.

The Aurora Nordic Web3 Conference, held in Helsinki on June 6, 2023
The Aurora Nordic Web3 Conference, held in Helsinki on June 6, 2023. (Elias Ahonen)

The Finnish Bitcoin Association was established on May 6, in an event attended by Magazine, with membership fees paid primarily with Bitcoin via the Lightning Network. Upon the conclusion of formalities, the saunas of the hosting coworking space were fired up.

For those interested in NFTs, Fungi is a platform advertising a no-code solution that lets organizations build NFT-based communities. One of these was a metaverse island called Cornerstone for VR studio ZOAN, where 100 plots could be purchased as NFTs.

HABBO NFT, operated by the local creators of the 23-year-old online chat room game HABBO Hotel, has dropped an 11,600-piece avatar collection on OpenSea and is currently developing an NFT-based game. A group called The Future of Art has also dedicated itself to promoting digital art and runs an NFT gallery.

The Finnish Web3 Landscape, according to Tampere-based The Good Cartel, which exists to support Finnish Web3 startups
The Finnish Web3 Landscape, according to Tampere-based The Good Cartel, which exists to support Finnish Web3 startups. (The Good Cartel)

An aspiring LinkedIn competitor, Kleoverse, is a proof-of-talent Web3 platform for recruiters and jobseekers that displays skills such as knowledge in programming languages through badges instead of text on a resume.

Phaver is building a Web3 social media app powered by Lens Protocol, which bills itself as the social layer of Web3. Phaver is one of many local projects that have worked with tech design studio STRGL, which specializes in protocol-level Web3 solutions. STRGLs managing director, Kasper Karimaa, sees Helsinki as a haven for developers:

Finlands role in blockchain innovation through its agile engineering community makes Helsinki the perfect place to assemble a skilled team in research, design and development.

One of the most widely known crypto companies in the country was the P2P exchange LocalBitcoins, which employed about 50 people before closing its doors in February 2023. CEO Nikolaus Kangas told Cointelegraph that this was due to a failure to turn our trade volumes and declining market share back to growth.

Bittiraha, which translates to bit money in Finnish, is another old local crypto company. It was founded circa 2012 and installed the countrys first Bitcoin ATM at the Helsinki railway station in December 2013.

The company was also a distributor of Casascius physical Bitcoin and eventually made its own line of Denarium wallets. The parent company, Coinmotion based a few hours north in Jyvskyl now operates a cryptocurrency exchange.

Another major Finnish exchange called Northcrypto can be found in Turku.

A euro stablecoin has also been developed in the city. Membrane Finances EUROe was launched in February 2023 and is designed to be an EU-regulated full-reserve stablecoin that is compliant with recent legislation. While this is notable considering the relatively few operational euro stablecoins, volume remains low at approximately $20,000 per day.

Helsinki native Anita Krypto Granny Kalergis spends most of her time in Dubai, where she organizes blockchain conferences. She feels that Finnish entrepreneurs and decision-makers lack bravery, preferring to wait for someone else to take the lead and for regulatory certainty both from the national and EU levels. Most activity is not advertised, with especially older business people afraid to rock the boat or make major moves, she observes.

Companies here will build something to 95% completion before opening their mouth, whereas projects in other countries will raise money and build partnerships based on a white paper while testing in production.

Helsinki is surrounded by sea and leaves room for nature
Helsinki is surrounded by the sea and leaves room for nature. (Elias Ahonen)

Helsinkis crypto controversies

In 2018, the Finnish customs service planned to auction 1,666 BTC that it had seized in a drug case, but decided not to proceed due to concerns that the virtual money would return to the hands of criminals, displaying a rather negative official view of cryptocurrency. In July 2022, the state eventually auctioned nearly 2,000 BTC for $47 million, with proceeds being donated to Ukraine. 

In December 2021, local media reported a trend of investment scams involving the faces of prominent people, including industrialist Heikki Herlin and then-Prime Minister Sanna Marin. 

Earlier in 2018, the police also made warnings regarding a trend of Bitcoin blackmail relating to bogus claims that hackers had webcam material of users visiting pornographic websites. In 2022, a Helsinki watch dealer fell victim to a common crypto scam, handing over Rolex watches worth $400,000 after mistakenly believing that he had received a Bitcoin transaction.

Cryptocurrency, often adjacent to scams in the news, has come to be viewed with a relatively high degree of suspicion across most of society. Commenting on the decision to halt the 2018 customs seizure sale, Pekka Pylkknen, head of finance at the Finnish Customs Service, highlighted concerns about money laundering, telling national broadcaster YLE that the buyers of cyber currency rarely use them for normal endeavors.

National media regularly interview outspoken cryptocurrency critic Aleksi Grym, head of fintech for the Finnish Central Bank, as an authoritative expert without seeking alternative pro-cryptocurrency views, though coverage has been improving.

As one may notice from this article, the term Web3 is preferred, presumably due to its distancing from the negative stereotypes of cryptocurrency.

Neither the countrys political establishment nor any major party or other large grouping of the population could be described outright as being pro-crypto.

One reason for this could be Finlands stable, highly functional, and high-trust society, in which most people do not see the need to disrupt or fix something with cryptocurrency. Bank transfers are free and near-instantaneous across the EU, with cash use increasingly rare. Virtually nobody is unbanked, and the most trusted institution is the police, with 95% public support. Harjunp, whose startup is working on solutions to protect private keys, explains the disconnect:

Many people dont understand Bitcoin and think its something between criminal money and a pyramid scheme.

It is also notable that the moon mentality and dreams of quick wealth found in many cryptocurrency investors are generally seen in a particularly negative light, with Malmi noting that he never set out to make money with Bitcoin, perhaps owing to Finnish culture and his idealistic mentality.

In the same vein, cryptocurrencies are seen by some as drivers of inequality in a country where large differences in wealth are often considered taboo.

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Crypto education and community

The Finnish Innovation Fund, or Sitra, has stated it as a priority to accelerate the local development of Web3 services, saying that its in Finlands interest to play an active role in ensuring that the metaverse is created in line with European values.

The fund has also worked with the Finnish National Gallery to create The Finnish Metagallery, an art gallery in the Decentraland metaverse whose building is modeled from the Finnish Pavilion as it appeared at the 1900 Paris World Fair.

Johanna Eiramo from the Finnish National Gallery presenting The Finnish Metagallery in Helsinki at Web3 Bash on April 27
Johanna Eiramo from the Finnish National Gallery presenting The Finnish Metagallery in Helsinki at Web3 Bash on April 27. (Elias Ahonen)

In the old capital of Turku, The University of Turku hosts the Critical Inquiry Into DAOs (CIDS) research group, of which the author is part.

Notable crypto figures from Helsinki

Martti Malmi, the first person to sell Bitcoin for fiat; Henri Brade, board member of Coinmotion; Aleksi Lytynoja, CEO and co-founder of Kleoverse; Niko Laamanen, founder of Konsensus.

Martin Wichmann, chairman of Konsensus; Antti Innanen, founder of Fungi; Sointu Karjalainen, founder of The Good Cartel; Juha Viitala, CEO and co-founder of Membrane Finance; Mika Timonen, founder of Habbo NFT; Olli Tianinen, CEO of Equilibrium Labs; Kasper Karimaa, managing director at STRGL; Jarmo Suoranta, CEO of TX – Tomorrow Explored.

Keir Finlow-Bates, CEO of Chainfrog; Ville Runola, CEO and founder of Northcrypto; Samuel Harjunp, CEO and co-founder of Xellox; Joonatan Lintala, CEO and co-founder of Phaver.

Cointelegraph team members often found in Helsinki: Elias Ahonen.

If you have any suggestions for additions to this guide, please contact eliasahonen@cointelegraph.com.

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Will Resurgent Inflation Savage The Tech Trade

Will Resurgent Inflation Savage The Tech Trade

By Simon White, Bloomberg Markets Live reporter and strategist

Equity markets are facing mounting…

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Will Resurgent Inflation Savage The Tech Trade

By Simon White, Bloomberg Markets Live reporter and strategist

Equity markets are facing mounting concentration risks as just a handful of stocks drive returns. Not only that, the mainly tech-related names dominating the move are highly exposed to inflation which is on the precipice of re-accelerating. Investors face potentially steep downside, but it is possible to build a portfolio of companies well placed to weather a resurgence in price growth.

When one company’s earnings have the ability to influence the macro narrative and materially affect the $43 trillion S&P, it’s clear the threats from narrow breadth are elevated. Nvidia’s results, released on Wednesday evening, may have exceeded expectations and are on the cusp of taking the index to new highs, but that only underscores the reality the tech-heavy market leaves portfolios acutely exposed to inflation. This should be a clarion call that it’s time to act. What better time to fix the diversification roof than when the disinflation sun is still shining?

Concentration risks are at 50-year highs. The top five stocks in the in the S&P 500 now account for over a quarter of its market cap, from only about an eighth a decade ago. You have to go back to the time of the Nifty Fifty in the late 1960s and early 70s to see leadership as narrow as it is today.

Back then, it was the tech titans of the day — Xerox, IBM, Polaroid – that were among the few stocks disproportionately powering the advance. And in what could prove to be an omen for the current cycle, the Nifty Fifty’s fate was sealed by rising inflation, which triggered the most brutal bear market seen since the Great Depression.

It’s even more of a problem today as tech companies have high duration, leaving them singularly vulnerable to a revival in price growth. A greater proportion of cash flows in the future leaves a stock’s total present value at risk from higher real rates.

The benefits of avoiding high-duration stocks when inflation is elevated can be seen in the chart below. The blue line shows a rebalancing strategy that goes long low-duration stocks when US CPI is over its 10-year moving average, and high-duration stocks when inflation is under it (using the inverse of the dividend yield as an approximation for an equity’s duration).

As we can see, the strategy cleanly outperforms the S&P in real terms.

But we can do better than that. It’s possible to build a portfolio of stocks resilient to inflation that’s not just dependent on their duration. After all, it’s a pretty blunt instrument. Ideally we want to find stocks that should do well if inflation re-accelerates (as I expect it will – see below), but is not fully reliant on that outcome.

Companies that are capital light and have strong pricing power should be well-placed to weather – if not prosper in – elevated inflation. The companies should also have demonstrated real growth over the long term.

More specifically, screen for companies with:

  • over $1 billion market cap
  • real dividend growth and sales growth
  • low fixed costs
  • strong pricing power
  • reasonable valuations

That gives us a portfolio of about 15-20 names which is rebalanced monthly. The real return of the portfolio is shown in the chart below, along with the real returns of the S&P and the 60/40 equity-bond portfolio.

The portfolio is designed to be forward looking — the coming years are unlikely to look like the previous decades given we are now in an inflationary regime — seeking stocks that are robust to price growth that is above its long-term average and prone to lurching higher.

It is nevertheless reassuring to see that the portfolio does well on its backtest. It has outpaced the S&P in real terms over the last quarter century. It also outperformed in the rising inflation period during the pandemic. More generally, a strategy that went long the Inflation Portfolio when inflation was elevated, and long the market otherwise, fared better than the S&P over the last 25 years.

The current portfolio contains 16 names. All are good quality companies with most having reasonable valuations, the average P/E ratio being equal to the market’s. Only two are tech companies.

The most common grouping is industrials. Again, this is reassuring as in inflation regimes over the last five decades, the top performing sectors were steel, mining and chemicals.

Through the life of the portfolio (2000-2023), industrials has had the largest average weight, followed by financials.

Banks are generally not a good holding when inflation is high as they typically lend long and borrow short, and see the real value of their assets decline more than their real liabilities. But there are several non-bank financials, such as the CBOE (in the portfolio now) and MSCI, which are quality firms with strong pricing power who stand in good stead when price growth is elevated.

None of this would be necessary if inflation was going the way Team Transitory think it already has. But there is a mounting body of forward-looking indicators that expect inflation should soon re-accelerate. We may have already got a glimpse of this with the most recent hotter-than-expected CPI and PPI reports.

Still, with any portfolio screening strategy there are caveats. There are turnover and price-slippage costs that could materially affect the realized return. There is also, of course, no reason why the backtested past should look like the future.

Nonetheless, the deep concentration of high-duration stocks leaves the market as exposed to inflation as it has been since the early 1970s. The potential downside justifies a different approach that tries to mitigate inflation risks without becoming overly dependent on them. After all, we may soon find that the Magnificent Seven’s name sounds just as ironic as the Nifty Fifty’s.

Tyler Durden Thu, 02/22/2024 - 15:45

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All Of The Elements Are In Place For An Economic Crisis Of Staggering Proportions

All Of The Elements Are In Place For An Economic Crisis Of Staggering Proportions

Authored by Michael Snyder via The Economic Collapse blog,

They…

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All Of The Elements Are In Place For An Economic Crisis Of Staggering Proportions

Authored by Michael Snyder via The Economic Collapse blog,

They were able to delay the U.S. economy’s day of reckoning, but they were not able to put it off indefinitely.  During the pandemic, the Federal Reserve pumped trillions of dollars into the financial system and our politicians borrowed and spent trillions of dollars that we did not have.  All of that money caused quite a bit of inflation, but it also created a “sugar rush” for the economy.  In other words, economic conditions were substantially better than they would have been otherwise.  Unfortunately, there will be a great price to be paid for such short-term thinking. 

From the federal government on down, our entire society is absolutely drowning in debt, and now it appears that our economic problems are about to go to the next level.

In early 2024, there are all sorts of signs that economic activity in the U.S. is really starting to slow down.

For example, we just learned that consumer spending “fell sharply” during the month of January…

Consumer spending fell sharply in January, presenting a potential early danger sign for the economy, the Commerce Department reported Thursday.

Advance retail sales declined 0.8% for the month following a downwardly revised 0.4% gain in December, according to the Census Bureau. A decrease had been expected: Economists surveyed by Dow Jones were looking for a drop of 0.3%, in part to make up for seasonal distortions that probably boosted December’s number.

However, the pullback was considerably more than anticipated. Even excluding autos, sales dropped 0.6%, well below the estimate for a 0.2% gain.

Sadly, the truth is that U.S. consumers just don’t have as much money to spend these days.

They are up to their eyeballs in debt, and delinquency rates have been spiking.

Many consumers are tightening up on their finances, and so it shouldn’t be a surprise that Disney+ lost more than a million subscribers during the fourth quarter of last year…

Disney+ Core subscribers (which include U.S. and Canada customers, as well as international users, excluding the India-based Disney+ Hotstar) dropped to 111.3 million from the 112.6 million reported in the previous quarter, according to Disney’s quarterly earnings results released Wednesday.

In early 2024, we have also seen large employers ruthlessly slash payrolls all over the nation.

The following summary of some of the most shocking layoffs that we have seen recently comes from Zero Hedge

1. Twitch: 35% of workforce
2. Roomba: 31% of workforce
3. Hasbro: 20% of workforce
4. LA Times: 20% of workforce
5. Spotify: 17% of workforce
6. Levi's: 15% of workforce
7. Xerox: 15% of workforce
8. Qualtrics: 14% of workforce
9. Wayfair: 13% of workforce
10. Duolingo: 10% of workforce
11. Washington Post: 10% of workforce
12: Snap: 10% of workforce
13. eBay: 9% of workforce
14. Business Insider: 8% of workforce
15. Paypal: 7% of workforce
16. Okta: 7% of workforce
17. Charles Schwab: 6% of workforce
18. Docusign: 6% of workforce
19: CISCO: 5% of workforce
20. UPS: 2% of workforce
21. Nike: 2% of workforce
22. Blackrock: 3% of workforce
23. Paramount: 3% of workforce
24. Citigroup: 20,000 employees
25. Pixar: 1,300 employees

During the pandemic we witnessed a lot of temporary layoffs, but the last time we saw large corporations conducting permanent mass layoffs on such a widespread basis was in 2008 and 2009.

And we all remember what happened back then.

Meanwhile, the cost of living continues to rise faster than paychecks.

For example, it is being reported that the cost of auto insurance has been increasing at “the fastest annual rate on record”

The cost of auto insurance jumped 1.4% in January, bringing the total annual gain to 20.6% – the fastest annual rate on record. When compared with early 2019, motor vehicle insurance is nearly 40% more expensive. Experts say the problem could soon get worse before it begins to improve.

Needless to say, most Americans have not seen their paychecks increase by 20.6 percent over the past year.

Of course just about everything else has been rapidly getting more expensive too, and that isn’t going to change any time soon.

On top of everything else, we are also facing an unprecedented commercial real estate crisis.

Our financial institutions are sitting on mountains of bad commercial real estate loans, and Kevin O’Leary is warning that “thousands more” will fail within the next three to five years

Regional banks are doomed.

That’s not necessarily a bad thing… if you’re prepared for it.

It’s been almost a year since Silicon Valley Bank (SVB) collapsed in March – the victim of idiotic management. But the sobering reality is the small banking crisis is far from over.

In the next three to five years, thousands more regional institutions will fail. That’s why I don’t have a dime saved or invested in a single one.

Is Kevin O’Leary right about this?

I don’t know.

We will just have to wait and see what happens.

But without a doubt, things certainly do not look good at this moment.

Needless to say, it isn’t just the U.S. that is experiencing economic turbulence these days.

Last week, we learned that the Japanese economy has officially entered a recession

Japan has lost its spot as the world’s third-largest economy to Germany, as the Asian giant unexpectedly slipped into recession.

Once the second-largest economy in the world, Japan reported two consecutive quarters of contraction on Thursday — falling 0.4% on an annualized basis in the fourth quarter after a revised 3.3% contraction in the third quarter. Fourth-quarter GDP sharply missed forecasts for 1.4% growth in a Reuters poll of economists.

The Germans are facing big problems too.

In fact, Germany is being called the “sick man of Europe” right now.

Interestingly, it is at this time that Jeff Bezos has decided to sell off billions of dollars worth of Amazon stock

Amazon’s billionaire founder Jeff Bezos has sold another $2bn worth of the company’s stock, bringing the total value of shares he has offloaded in the past week to $4bn, according to regulatory filings.

An Amazon filing on Tuesday showed that Bezos, who stepped down as the Seattle-based company’s chief executive in 2021 but remains executive chair, sold 12mn shares for about $2bn between Friday and Monday.

He certainly doesn’t need the cash.

So why is he doing this?

Does he know something that the rest of us do not?

I don’t think so.

Instead, I think that he can see what the rest of us can see.

Stock prices have risen to record highs even as the overall economy is clearly heading into a major downturn.

That makes this the perfect time to sell.

Jeff Bezos didn’t get to where he is by being stupid.  He can see what is coming and he is getting out while the getting is still good.

*  *  *

Michael’s new book entitled “Chaos” is available in paperback and for the Kindle on Amazon.com, and you can check out his new Substack newsletter right here.

Tyler Durden Thu, 02/22/2024 - 16:20

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Realtor.com Reports Active Inventory UP 15.7% YoY; New Listings up 10.9% YoY

What this means: On a weekly basis, Realtor.com reports the year-over-year change in active inventory and new listings. On a monthly basis, they report total inventory. For January, Realtor.com reported inventory was up 7.9% YoY, and down 40% compare…

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What this means: On a weekly basis, Realtor.com reports the year-over-year change in active inventory and new listings. On a monthly basis, they report total inventory. For January, Realtor.com reported inventory was up 7.9% YoY, and down 40% compared to January 2019. Now - on a weekly basis - inventory is up 15.7% YoY, and that would put inventory still down about 39% compared to February 2019.

Realtor.com has monthly and weekly data on the existing home market. Here is their weekly report: Weekly Housing Trends View — Data Week Ending February 17, 2024
Active inventory increased, with for-sale homes 15.7% above year ago levels.

For a 15th consecutive week, active listings registered above prior year level, which means that today’s home shoppers have more homes to choose from that aren’t already in the process of being sold. So far this season, the increase in newly listed homes has resulted in a boost to overall inventory, but while the added inventory has certainly improved conditions from this time in 2021 through 2023, overall inventory is still low compared to the same time in February 2020 and years prior to the COVID-19 Pandemic.

New listings–a measure of sellers putting homes up for sale–were up this week, by 10.9% from one year ago.

Newly listed homes were above last year’s levels for the 17th week in a row, which could further contribute to a recovery in active listings meaning more options for home shoppers. This past week, newly listed homes were up 10.9% from a year ago, accelerating slightly from the 9.5% growth rate seen in the previous week.
Here is a graph of the year-over-year change in inventory according to realtor.com

Inventory was up year-over-year for the 154th consecutive week following 20 consecutive weeks with a YoY decrease in inventory.  

Inventory is still historically very low.

Although new listings remain well below "typical pre-pandemic levels", new listings are now up YoY for the 17th consecutive week.

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