Here is the latest weekly report and commentary from the Minneapolis Area Association of Realtors. Pending sales are still down nearly 20% compared to the same period as last year.
The trend in transaction activity continues its consistent drop of about 20%. That seems to be the number week after week. As I’ve said before, until we start to see the pending activity turn up and start getting in to the negative single digits, this market is not going to feel any better.
MAAR had this to say:
With cold weather, high winds and relatively low consumer confidence, the Twin Cities housing market continues to experience low levels of buyer activity in January. Newly signed purchase agreements (pending sales) posted 485 units sold for the week ending January 19, a decline of 19.4 percent from this time last year. For the same time period comparison, new listings held relatively steady, posting 1,877 new units on the market. Roughly half of these are re-lists that have already been placed on the market at least once in the last 12 months.
Here’s the full report for the week.