As expected, all activity in the Twin Cities housing market basically flatlined during the week of the Christmas holiday, as consumers and REALTORS® alike took time away from buying and selling homes. For the week ending December 27, there were 550 new listings and 256 pending sales in the entire 13-county Twin Cities region, down 3.2 percent and up 8.9 percent, respectively, from the same week last year. The inventory of houses for sale declined by almost 2,000 units in the past week but should be boosted upwards again in the weeks ahead.
This edition of the MAAR Weekly Market Activity Report features an updated January 2009 figure for our Supply-Demand Ratio, which measures the number of houses for sale for each buyer. The January number is 8.36, which is a decline of 19.7 percent from last January's figure of 10.41. Falling supply and recent surges in demand brought about by plunging mortgage rates have reduced the amount of supply relative to demand in recent months.