Market Continues to Level Out

Here's the latest from MAAR:

New listings continue to lag behind last year's pace in the Twin Cities housing market. For the week ending June 21, new listings dropped by 10.6 percent compared to the same week in 2007. This is the sixteenth consecutive week of year-over-year decline, a period during which there have been a total 5,881 fewer new listings than one year ago. The total inventory of homes currently for sale is 2.6 percent lower than last year.

On the flip side, buyer demand remains relatively flat after over two years of heavy downward momentum. Pending sales for the week ending June 21 were 1.8 percent behind the same week last year, a decline of 16 sales. This is the 9th week in the last eleven where pending sales posted figures that were within 5 percent of one year ago, either above or below.