Weekly Twin Cities Market Report

Weekly Market Activity Report

New listings and pending sales both took a jump upward in the week ending 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.

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.

-MAAR