Minneapolis—St. Paul Real Estate Market: June 21, 2010

Weekly Market Activity Report

June 21, 2010

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.

As reported by the Minneapolis Area Association of Realtors

Leave a Comment

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s