The unsold inventory index has climbed to 6.8 months for the San Francisco Bat Area, based on numbers derived from EBRDI, (East Bay MLS services). We haven't seen relative numbers like this since the late 1990's.

 The unsold Inventory Index tells us how long it would take to sell the existing supply of homes on the market if no more homes were added for sale.

Still, this is much better than California as a whole and put in historical perspective, close to the long run average since 1988 as viewed by the historical chart below.

 Source: California Association of Realtors

....And it is even much better compared to the rest of the country, as described in the recent article by San Francisco Chronicle staff writer, Carolyn Said, May 17th, 2007.

 Bay Area's Housing Prices Buck National Trend.