While sellers continue to list fewer homes, buyers remain firmly in control in the Twin Cities housing market. New listings on the market for the week ending September 16 were behind the same time last year by 11.4 percent, while newly signed purchase agreements (pending sales) fell by 26.3 percent for the same time period. With slow sales comes decreased inventory absorption; the number of homes for sale is 9.9 percent higher than at this time in 2006.
This week's edition of the MAAR Weekly Market Activity Report features updated October 2007 figures for our Supply-Demand Ratio (SDR) and Mortgage Rates. The SDR increased slightly to 10.47, which means there are currently 10.47 homes on the market for every buyer—a new October record. Following the key interest rate cut from the U.S. Federal Reserve, rates dropped slightly from last month to 6.7 percent. With home prices declining moderately, further rate declines would improve affordability.
Click the logo below or click here for this week's full report, and visit MAAR's Market Stats and Research page for more real estate market information.
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