For the last couple of months sales have been fairly steady. This has resulted in a shift away from the "scorched earth" benchmark as sales are expected to fall this time of year.
New listings are tracking closer to the rate of the 2nd half of 2009 after spiking dramatically earlier this year.
Seasonally adjusted home sales bottomed in June and have increased since then. Even with this increase sales are low by historical standards.
Seasonally adjusted new listings remain well below the rush of earlier this year or in 2007/2008 as people are more reluctant to sell in a tough market.
The seasonally adjusted sales to new listings ratio increased again last month but remains slightly below 50%.
Although new listings have declined inventory is moving more slowly. The level of inventory combined with still historically low sales means that prices must be competitive to sell.