Well, here is the last of the local real estate board reports to go over for June 2008 - the Fraser Valley Real Estate Board.
Sales were 1,418 - down 31% compared to June last year.
Active Listings were 11,295 - up 47% compared to June last year.
Months of Inventory stands at 8 months at the current sales pace.
Median prices were mixed in June with detached and apartment prices rising and attached prices falling.
The benchmark price fell -0.3% during June and year over year the benchmark price has risen only 3.6%. We are fast approaching negative year over year price changes.
The price changes last month fell within the expected range when looking at the months of inventory metric. Prices will continue to fall while the months of inventory remains high.
PS - Kudos to the FVREB staff for issuing the corrected data for the active listings after they changed they way the data is measured last month.