Weekly Market Activity Report 6.16.08

By MAAR on Monday, June 16th, 2008

Jonbonjoviposterc10050342“Whoa, we’re halfway there, whoa-oh, livin’ on a prayer” – Jon Bon Jovi, second-most-famous New Jersey rock idol and noted housing economist

Bringing our market back to balance involves a two-step process: supply needs to draw down, demand needs to bounce back up. It’s as simple as that. So far, 2008 is proving to be the year that we can confidently check the first item of this list, as the number of homes for sale continues to dwindle relative to one year ago. There are currently 33,219 homes for sale in the Twin Cities region, down a hearty 4.9 percent from one year ago, a year-over-year figure which should continue to drop in the months ahead. New listings for the week ending June 7 were down 13.9 percent from a year ago, while pending sales declined by a smaller 5.3 percent for the same time period comparison.

All in all, we’re halfway there: supply is coming down, but demand is only flattening, not coming back up just yet. Regardless, the signs are encouraging.

This week’s edition of the MAAR Weekly Market Activity Report features updated figures for our Housing Affordability Index (HAI) and Months Supply of Inventory. The HAI dropped slightly to 149 due to another increase in interest rates, while inventory increased to 10.4 months of supply. This means that it will take 10.4 months to sell through our current inventory, should buyer activity remain constant and no other homes come on the market for sale.

Click here for the full Weekly Market Activity Report, and for a reminder of just how far album artwork has come since 1986, see below.

Comments

    2 thoughts on “Weekly Market Activity Report 6.16.08”

    Just an idea for a follow-up title… “Bad Medicine” may be a nice segway into a new topic and continue the tribute to NJ’s 2nd best!

    This post makes me laugh and cry, thanks for reminding us that we need to be light hearted as well as hard working. Your humor is a breath of fresh air!

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