Weekly Market Activity Report 2.11.08
By David Arbit on Tuesday, February 12th, 2008
With both the temperature and the region’s home prices dropping, home buyers who are willing to brave the harsh and cold meteorological landscape are finding the home buying environment quite warm and welcoming. The MAAR Housing Affordability Index (HAI), which measures how affordable Twin Cities housing is to its residents, jumped in February to 149—the highest level in nearly four years—thanks to continued declines in mortgage rates, a smorgasbord of homes to pick from and a seller psychology that is motivated to move and ready to negotiate.
For the week ending February 2, the number of new units on the market was 1,930—a full 10.2 percent behind the same week in 2007. The decline in listings was met by an even more hearty decline in signed purchase agreements, as pending sales fell by 28.7 percent for the same time period.
Besides the HAI, this week’s edition of the MAAR Weekly Market Activity Report features updated figures for several other metrics. In January, the Days on Market Until Sale increased to 165 and the Percent of Original List Price Received at Sale fell to 90.9—both indicators of the continued advantage the buyer holds in this market. The February Months Supply of Inventory increased to 8.9 months, up 37.5 percent from this time last year. A market that’s balanced between buyers and sellers would have roughly a 5- to 6-month supply of homes for sale.
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