The Regional Multiple Listing Service's Market Action Report for May 2010 was just released. 

The RMLS report is filled with statistics, sometimes a little unclear and only give part of the picture as to what is happening in real estate.  Real estate is very neighborhood-based, so understanding about different areas helps put the numbers into perspective.

A balanced market is 5-7 months of inventory. There still is a little while to go and depending on how this first time home buyer's tax credit and the vacation home buyer's tax credit plays out, with closings that we will see in the end of June, 2010. 

The Vancouver/ Clark County area is in a balanced market, holding steady month over month at 6.6 months of inventory on average for May 2010.  For…