Weekly Market Activity Report
Despite the icy roads, year-over-year purchase demand gives the appearance
of gaining some traction. For the week ending November 13, there were 577
Pending Sales in the Twin Cities area, a small 4.3 decline from year-ago levels.
Don't put too much stock in this closing gap of home buyer activity, as
compared to 2009. This year's home sales have remained relatively flat at
winter levels since the tax credit expired last spring. Buyer activity declined at
this time in 2009 and that's driving down the year-over-year change. We're just
now entering the part of the calendar where this sales trend is to be expected.
After two weeks of flirting with black ink, seller activity is back in the red. The
1,144 new homes listed on the market was a 5.3 percent decrease from 2009
levels. Inventory increases seem to be tapering off, a seasonal expectation for
this time of year. There are 24,849 homes for buyers to choose from, up 10.4
percent from year-ago levels. That's the smallest inventory gain in seven
weeks. If this trend continues, it will serve to help rebalance the Twin Cities
housing market.
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