"A total of 1,349 homes sold in January, about 10 percent more than in January 2006, when 1,225 homes sold. This marked the first month-over-the-year increase since May 2005. Active listings were greater by about 18 percent, standing at 6,949 active listings this past January, compared to 5,876 homes available in January 2006. Homes are taking longer to sell, with the average Northern Virginia home in January 2007 staying on the market for 102 days. In January 2006, homes averaged 56 days on the market."
If active listings are up 18%, though, the worm has not turned, because properties are still being absorbed at a lesser rate.
The inventory of homes has been declining for five months in most jurisdictions. While the inventory is up over January 2006, it has been on a downward slope for some time, depending on jurisdiction. The worm has definitely turned.