As we enter the fall season, buyer activity is still on a nice little streak, posting its sixth consecutive week of double-digit year-over-year growth in pending sales. During this six-week period, there have been 5,085 purchase agreements signed in the Twin Cities housing market compared to only 3,816 during this time in 2007. For the week ending September 13, there were 783 purchase agreements signed—a jump of 23.3 percent over the same time last year.
For that same week there were 1,864 new listings—a decline of 13.4 percent from the same week last year. The total number of homes currently for sale is 31,426, which is down 9.3 percent from this time in 2007. As it does every fall, total supply should continue to decline in the months ahead.
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