Tuesday, July 10, 2007

Weekly Market Activity Report

The word of the month for buyer activity in the Twin Cities housing market is "flat." For the week ending June 30, newly signed purchase agreements (pending sales) posted 926 units as compared to 924 units the week before and 925 the week before that—now that's consistency. The unfortunate reality is that this flatness is taking place during what is normally the peak season for sales growth. Compared to one year ago, pending sales were down 15.4 percent. Seller activity has also declined, but to a lesser degree; new listings were behind last year at this time by 3.2 percent for the same time comparison.

This week's edition of the MAAR Weekly Market Activity Report features two updated figures. The June 2007 Percent of Original List Price Received at Sale declined slightly to 95.7 percent. The Mortgage Rates chart for July 2007 showed a significant increase from last month, rising from 6.3 to 6.7 percent in the Twin Cities region. Increases in the cost of borrowing money will have an effect on our region's still-recovering housing affordability.

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