As can be seen, May, June and July, 09 were all above the same months in 2008. This chart shows that, despite the slowdown in 2008, demand is still strong. That pent-up demand will likely lead to sales at least equal to 2008, if not better.

Mostly focused in the new home buyers' price range at first, sales of more expensive homes are starting to pick-up.

Our next chart shows the average resale price over the past three years. Like sales volume there is a season factor, with spring and fall higher than winter and summer.

Average prices for June and July were above all previous monthly average prices. And these prices are not detering home buyers as noted in the previous chart.

Sales and prices are both up and inventories are reduced. This chart shows sales compared to listings that have come on the market during the same month. If all the new listings sold the ratio would be 1 to 1. In other words for every house listed one would be sold. As you can see the ratio is rising meaning more of what's available is being sold off, resulting in fewer available homes on the market.

The market has returned to a balanced condition. This is normal and should encourage buyers and sellers to return.