Housing oversupply? It's history

Realtor Sean Moore’s monthly housing market chart shows that at the end of June, the months of inventory — 5.1 — reached their lowest level in more than three years. The number of homes sold in June broke the 300 mark, which also had not happened since July 2007.
Those are good developments because the local market had been hindered by an oversupply of homes for sale.
 Moore said the primary reason for all of the closings was the expiration date for the Home Buyer Tax Credit: June 30. “With the credit expiring, pending sales in June dropped off, and I am expecting to see the months of inventory increase over the next several months, making this month the best of the year,” Moore said.