The fall Twin Cities housing market has been full of wild things, mostly first-time home buyers stampeding to take advantage of the federal tax credit before it expires on November 30. The week ending October 10 was no different than others we've seen this fall. There were 947 signed purchase agreements for the week, a 37.6 percent increase over the same week last year.
At 1,543 new listings we're down 4.4 percent from the same week a year ago. The trend continues: New listings haven't been keeping up with the amount of sales, bringing total housing supply down dramatically in the Twin Cities. There are currently 24,901 homes on the market, 21.0 percent less than a year ago.
The rumpus is likely to subside as we near the November 30 tax credit deadline, silencing the sales activity of the market's most active buyers.
Click here to view the full Weekly Market Activity Report.
Very impressed with your housing reports and the monthly skinny videos. They're a great inspiration to us in our work in Central America where we're trying to improve the data flow to buyers and sellers. We've got much to learn from on the US RE.net
Posted by: Jane Bakerson | October 22, 2009 at 03:01 PM