As noted above, contract activity below $750,000 has dropped, and inventory for properties selling below $500,000 has increased - so supply has increased.
It is another indication of the impact of the stimulus - those price ranges that attracted tax credit-seeking purchasers did exceptionally well in the early spring market and are having a tougher time now.
An example: homes priced between $500K and $750K had a 1.7 months' supply at the end of April, and that has climbed to 2.6 months now.
All-in-all though, 2.6 months isn't bad at all. The market's OK, and it will get better.
