Tuesday, June 29, 2010

Twin Cities Home Sale Market Update

The Twin Cities housing market continues to adjust to a world without a fancy tax credit. Pending sales leveled off following the slight gains seen the prior week, squatting at 645 signed contracts for the week ending June 19.

While that's steady compared to last week, it's anemic compared to last year at this time when the market posted 1,156 signed contracts. If you're keeping track of percentages, that means we're down 44.2 percent from a year ago—the sixth consecutive week of year-over-year declines exceeding 30 percent.

New listings are also down from a year ago, posting a drop of 8.4 percent from a year ago to 1,712 for the most recent reporting week. Any sort of "return to normalcy" is going to take some time.

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