As autumn presses upon us, the Twin Cities residential real estate market's paralysis continues. For the week ending September 4, New Listings were down 12.8 percent compared to last year at this time, but there were still more properties coming on to the market than the week before at a time when the school year normally slows seller activity. Pending Sales had a less severe year-over-year decline than the previous four weeks but remain 35.9 percent behind where we were at this time in 2009. This has been the case all summer long.
Active Listings for Sale have been progressively expanding since the tax credit ended and are now 8.9 percent ahead of last year. Percent of Original List Price Received at Sale leaned toward buyers last month. Good news for home hunters; even more challenges for those looking to sell.