Monday, June 21, 2010

Twin Cities Housing Cool After Red Hot Tax Credit Sales

Pending sales in the Twin Cities housing market trended up for the first time in four weeks, but remain substantially below 2009. For the week ending June 12, there were 674 signed purchase agreements, up from the mark of 527 the prior week, but down dramatically from the mark of 1,210 seen during the same week a year ago.

This may be a sign that the drastic drops in sales seen in May and early June were simply temporary aftershock reactions to the tax-credit build up and that demand will slowly return over the course of the summer, but it’s far too early to say that with any certainty. We’ll be keeping a close eye on the numbers each week.

New listings moved upward for the same reporting week to 1,729, but remain 12.2 percent behind last year at this time. However, inventory has slowly climbed due to the decline in pending sales, currently sitting at 26,990 active listings, an increase of 1.1 percent from a year ago.

The National Association of Realtors has issued a "call to action" for Congress to step up and continue to stimulate the national housing market. The recent finding from the stimulus incentives is showing that it worked and is still needed in order to

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