Great News! Don't be Caught on the Sidelines This Time!
New listings and pending sales both took a jump upward in the weekending June 6 as the annual post-Memorial Day surge in activity took
place. There were 1,226 signed purchase agreements in the Twin
Cities for the week, which represents a 33.4 percent increase over the
same week last year. The 2,160 new listings were a 4.3 percent
decline from a year ago but were a significant bump over the activity
seen during the Memorial weekend respite.
Complete Report: Housing Stats
The June Housing Affordability Index of 199 is down 20 points over the
last two months due to recent rises in mortgage rates and seasonal
increases in the region's median sales price. Combine that with a
steadily declining Months Supply of Inventory (7.6 months) and falling
Supply/Demand Ratio (5 homes per buyer), and it's clear that buying
conditions are not quite as friendly as they were a couple of months
ago, especially in the lower price ranges.
Regardless, there remains a hefty cadre of properties available for
purchase. And with the $8,000 federal tax credit spurring first-time
home buyer activity, this summer should be busy.
Complete Report: Housing Stats
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