Weekly Twin Cities Real Estate Market Activity Report

Here's the latests from the Minneapolis Area Association of Realtors

As summer enters its final full month, both seller and buyer activity are beginning to gradually decline in the Twin Cities housing market. For the week ending July 28, there were just over 2,100 new listings on the market, down a few hundred units from the weekly velocity levels seen earlier this summer. Similarly, newly signed purchase agreements (pending sales) are down from the higher absorption levels seen in May and June. Compared to this time in 2006, new listings were behind by 1.9 percent and pending sales were behind by 22.0 percent.

This week's edition of the MAAR Weekly Market Activity Report features updated August 2007 figures for Supply-Demand Ratio (SDR) and Mortgage Rates. The SDR posted a figure of 8.57, which means that there are 8.57 houses on the market for every buyer. Mortgage rates held steady from last month at 6.7 percent. While rates have risen in recent months, they remain favorable relative to historical conditions.