Here is the Olney Area (Olney, Brookeville, Brinklow, Ashton, and Sandy Spring) supply and demand chart for August 2008. The Red lines are the active homes, blue under contract, and green are sold. The absorption rate is determined by the number of homes on the market and the number of homes selling that month.
After a significant drop in June, July and August have held steady at 14%. My eye is on the 2nd half of 08 to see the market hold steady over 07. It was this time last year that the market came to a standstill.
August 2008 14% absorption rate
August 2007 17% absorption rate
August 2006 16% absorption rate