The Twin Cities Housing market has seen some impressive highs and puzzling lows this year. Unfortunately, the lows have persisted through summer, despite low interest rates and a diverse and affordable housing stock.
Although New Listings are about where they were last year (near 1,600), Pending Sales remain as low as they've been all summer. The week ending August 14 bore just 631 signed purchase agreements, down 38.5 percent compared to last year. The three-month total for pendings is 8,018 compared to 13,830 last year, which is an even heftier decline of 42.0 percent.
Active Listings are up to 27,784, 8.1 percent more than last year. Growing inventory is not the result of too many homes coming on the market but rather a product of not enough homes going off the market. With Months Supply of Inventory now at 7.8, it still remains a buyer's market out there.