Less is More in Local Housing Market

Here's the latest from MAAR:

Housing supply in the Twin Cities continues its descent. For the week ending July 12, there were 11.5 percent fewer new listings on the market than there were one year ago. Over the last three months, there have been roughly 4,000 fewer homes on the market than there were during the same period in 2007. The total number of properties for sale currently sits at 33,390—down 4.7 percent from this time last year.

The sales picture is slightly different, as activity has flattened after two years of downward movement. We are showing a slight 1.8 percent increase in pending sales from the same week last year. Over the last three months, there have been roughly 300 fewer pending sales—a decline of 2.7 percent.