Weekly Twin Cities Real Estate Market Activity Report

Here's the latest from MAAR:

Buyers remain firmly in the driver's seat in the Twin Cities housing market, but sellers have begun to do a little backseat driving. Over the past three months, sellers have put 6.0 percent less homes on the market than they did for the same period last year. And for the week ending October 13—our most recent reporting period—they put 7.9 percent less homes on the market. While inventory is still at record highs and sellers are still competing for a smaller pool of buyers, signs of slowing seller activity are welcome news for an oversupplied housing market.

Newly signed purchase agreements (pending sales) for the last three months have declined by 20.5 percent relative to the same period in 2006, with the most recent reporting week seeing an 18.3 percent decline. The total number of active listings on the market has begun its annual autumn drop, with incremental dips each week for the last 5 weeks.

To get a simple and easy-to-understand look at overall conditions in the Twin Cities housing market, take a gander at our Monthly Indicators tool.