For the 13th consecutive month, there were more pending sales than there were a year ago. July saw 5,174 signed purchase agreements, up 16.0 percent from July 2008 and the strongest July showing since 2005. Of these sales, 43.6 percent were lender-mediated foreclosures and short sales.
"It's been a busy summer," said our prez, Steve Havig. "Buyers are active and supply is shrinking."
New listings continue to post weak numbers, with July's total of 7,669 representing the lowest July output since 2002.
As sales have grown and new listings have slowed, the total number of houses available for sale has dropped dramatically in the Twin Cities. As of August 1st, there were 25,862 homes for sale in the region, down 21.6 percent from a year ago.
The overall July median sales price for all properties was $171,000, down 17.8 percent from one year ago, but up 2.1 percent from the second quarter median sales price of $167,500. The median sales price of traditional homes in June was $213,150, down 6.2 percent from a year ago. Lender-mediated homes posted a May figure of $126,000, down 15.4 percent from a year ago.
There appears to be less room for negotiation, as the Percent of Original List Price Received at Sale continues to improve—the July mark of 94.0 is 1.5 percent higher than last July.