Currently there are 13022 active listings; for May there were 3186 new listings added and 1938 listings sold. The percentage is a moving target. If no other listings came on the market we would have 7 months of inventory at the current sale level.
The conclusion I would then draw is that the RLMS numbers show closed sales that do not represent actual homes sold. Don't quote me on this, but I would think that the numbers are closer to 11% based on the active residential listings.