Here's the latest from MAAR:
In step with national real estate market news, the corrective recalibration period is still underway in the Twin Cities. For the week ending August 18, newly signed purchase agreements (pending sales) were behind the same week in 2006 by 26.8 percent. New listings on the market are also on the decline but not as dramatically as buyer activity. Compared to this time last year, new listings decreased 2.3 percent.
As summer activity slows into the fall school season, it's time to take stock of our industry. While the big decline in buyer activity and slight decline in home prices seen in the last 18 months have caused short-term discomfort, it is essential to recognize that there is positive value in the correction taking place. Lending standards are reforming as financial markets relearn to properly assess risk, home values are softening after several years of unsustainable increases, and we are being reminded that every market requires sound fundamentals to sustain healthy growth.
In sum, the transformative changes our market is experiencing are paving the way for a better future. Through it all, the public's passion for real estate has not waned, and the undeniable financial, emotional and social benefits of homeownership are firmly rooted.
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