Monday, January 29, 2007

Weekly Market Activity Report

Weekly Market Activity Report
Total housing inventory is growing steadily as we approach the busy spring market, but it is growing at a slower pace than previous years. There are currently 25,259 homes for sale in the Twin Cities, just 17 percent above the same time in 2006. That year-to-year active listing comparison has been steadily and significantly dropping since summer 2006 as new listing activity slows.

For the week ending January 20, new listings on the market were 5 percent ahead of the same time in 2006, while newly signed purchase agreements (pending sales) were 14 percent behind. Buyer activity remains low despite low-interest rates and improved affordability conditions, but our market is laying important foundations for future growth.

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