Since data for the Weekly Market Activity Report is pulled a week after it actually occurs, this week's data includes the Labor Day week. Taking the usual holiday dip, pending sales dropped to 519 purchase agreements signed for the week ending September 11. The 38.2 percent year-over-year decrease rests along the trend line we've seen develop since the end of the tax credit.
Housing affordability remains strong at 205, up 5.1 percent over last year at this time. This garners some hope that there will be more home buyers looking to take advantage of an incredibly favorable buying environment. Just listen to this:
· There are 27,601 homes available for purchase in the Twin Cities, an increase of 9.5 percent over last year.
· Months Supply of Inventory now perches at 8.0. It's a buyer's market.
· The Percent of Original List Price Received at Sale metric is down to 91.1 percent.
• Mortgage rates continue to creep along the bottom of historic lows.
Buyers have their hands at 10 and 2, firmly in control of this market as summer's sun fades in the rear view mirror and the clouds gather on the open road ahead.