Here's the latest from MAAR:
Despite an environment of improving affordability, motivated sellers, low interest rates and a large amount of homes to choose from, buyer hesitancy in the Twin Cities and national housing markets continues. While enjoying a nice rebound from the previous tepid weeks, Twin Cities pending sales were behind this time last year by 20.9 percent for the week ending October 6. New listings on the market were even with last year for the same time comparison.
This week's edition of the MAAR Weekly Market Activity Report features an updated October 2007 Months Supply of Inventory figure of 9.9 months. This means that it will take the current inventory of homes on the market roughly 9.9 months to sell through completely. The largest growth in supply in the last year has been in the lower price ranges.
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