Some economists do not believe that housing has established enough upward momentum to warrant a declaration of recovery, yet many market analysts are observing the rule of The Tortoise and the Hare. Fast, energetic upward spikes in sales may be exciting, but slow and steady wins the race. This phase of stabilization will likely show itself in year-over-year comparisons that cause yawns, but this kind of race is ultimately good for the market as a whole.
In the Twin Cities region, for the week ending June 14:
• New Listings increased 5.9% to 2,076 • Pending Sales decreased 4.1% to 1,267 • Inventory increased 6.5% to 16,857
For the month of May:
• Median Sales Price increased 8.2% to $210,000 • Days on Market decreased 7.0% to 80 • Percent of Original List Price Received decreased 0.2% to 96.8% • Months Supply of Inventory increased 8.3% to 3.9