From the Minneapolis Area Association of Realtors:
“How’s the Market?” (Elevator Edition): New listings remain subdued with 15 weeks in a row of year-over-year declines. Buyer activity is strong with 19 straight weeks of year-over-year gains. Inventory has posted 31 consecutive weeks of year-over-year decreases.
“How’s the Market?” (Dinner Conversation Edition): New listings were down 22.5 percent to 1,311 and pending sales were up 40.6 percent to 883 contracts. The inventory bins contained 23,453 active listings at the start of last week – down 22.2 percent from last year. The Percent of Original List Price Received and Months Supply of Inventory metrics suggest a slowly improving landscape for sellers although they are still entrenched in buyer-favorable territory for the time being.
The listing inventory is certainly declining. That will be a good thing to firm the markets up come next spring.