RMLS Market Action for July 2012 was just released and it shows positive metrics compared to July of last year.  Inventory has bumped up to 4.6 months which is probably healthy for the overall market; if inventory stays too low for too long its going to put unsustainable pressure on the market.

All measures of real estate activity are positive when comparing July 2012 with July 2011. There were 2,372 accepted offers, 23% more than the 1,928 reported in July 2011 although down slightly (-2.6%) from last month.

The 1,973 closed sales represent a 15.4% increase over the same month last year, when 1,709 were recorded. This represents the highest number of closed sales in the month of July since 2009.

The report continues:

Home sale price measures were all positive in July. The median sales price rose 7.8% when comparing July 2012 with the same month in 2011 and 1.2% when comparing it to the previous month. When comparing the percent change of the last 12 months with the previous 12 months we see a 0.7% gain in the median price.