The story is, as we all know by now, sales have cratered. Even with 1,100 listings pulled from REBGV inventory, MOI has still increased from 5.91 in June to 7.29 in July, a 23% jump, and double the average MOI in 2006 and 2007 of 3.6. This is a strong indicator that prices will continue to fall into the end of summer and fall. Without all the pulled listings, we would be following the track of 2008's RE crash almost exactly. Time will tell how long those listings can remain off the market.
Raw data: http://spreadsheets.google.com/pub?key=0Ai_q-vT5OsX3dGlhbS05eFE0cVpNbDhOZHJVYXBKaFE&hl=en&output=html
(all data from REBGV monthly press release for consistency)
