The Fraser Valley Real Estate Board released the August 2008 statistics package and here is what it contained.
Active Listings in the FVREB ended August at 11,770 homes for sale.
There were only 910 sales in the entire FVREB area during the month of August.
This meant that the Months of Inventory rose to 12.9 months which means that the sales to listings ratio in the FVREB was 7.73% during the month.
As the ball is now rolling on negative price changes, the correlation between the supply and demand metrics and the corresponding price changes is 'uncanny' to put it simply!
And yes, prices fell 0.1% from August 2007 according the the Real Estate Board's benchmark House Price Index.