“From what I see so far this year the monthly average is more about 1450 sales than 2000. 23808/1450 is 16.4 months of inventory. Or roughly enough to last us till about August 2009.”

That assumes a static rate of sale, and would not be as bad if additional inventory wasn’t going to hit the market. Sales will increase during the summer, but so will the number of listings. The question is which will increase more. With a wave of ARM resets in the next 2 months and entering a recession I tend to think inventories will rise faster.

It will be interesting to compare 2007 and 2008 between April-August. I don’t think fewer MLS listings from a year ago is any reason to think we hit the bottom, nor does it necessarily even mean the worst is behind us.