REBGV released its sales and listings data for June 2016.
Here are monthly sales, for-sale inventory at the end of the month, and the ratio of inventory to sales (Months of Inventory or MOI) going back to 2005. Sales went plaid this spring. Now it appears there is a chance the orgy of activity has, at least temporarily, returned to within control limits.
New listings have been highish but not compared to all past years. For those who are claiming that higher prices will start effecting people to list, and that we are starting to see that now (cuz ECON 101), it appears that the effect, if present, is not as pronounced as having a good old-fashioned recession.
The ratio of sales to new listings is high and this has meant inventory has remained very low.
Low months of inventory will lead to higher price increases. MOI is now below 2 (that's low). Key point: returning the market to "normal" in terms of house price appreciation (prices rising at a bit above inflation) will require a lower-than-average sell-newlist ratio for many months. It is not enough to return sell-newlist to the average; it needs to drop further. The mechanics of getting to "normal" should not be ignored. We are far from "normal" right now.