Housing Market showing signs of stabilization

For the week ending January 31, new listings continue at a lower level than seen last year, clocking in at 1,635—a 15.3 percent drop. Conversely, pending sales continue to raise and with 673 recorded for this week's report—25 percent above last year. Basically, this is all welcome news. Having fewer listings on the market, combined with an increase in pending sales, helps to reduce the Months Supply of Inventory to 13.5 percent when compared to lastyear at this time—down from 8.9  to 7.7 months. This means it will take the current supply of houses for sale 7.7 months to sell (on average).  Prices will be the last piece of the puzzle to recover.  Currently we are experiencing approximately a 60 percent foreclosure sales average.  So nearly 2/3rds of all sales are lender mediated.