I started tracking inventory and sales April 21, 2006 in Gilbert, AZ, a Phoenix suburb in the East Valley.  On that day ZipRealty showed that there were 2296 homes for sale (not including FSBOs) in Gilbert.  Adding the number of sales in the four principal zip codes of Gilbert (info from Arizona Republic website) the sales that week totaled 171, for a ratio of 13.4 to one.  That would be slightly more than a four month supply.

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