Weekly Market Activity Report 6.30.08
By MAAR on Monday, June 30th, 2008
New listings continue to lag behind last year’s pace in the Twin Cities housing market. For the week ending June 21, new listings dropped by 10.6 percent compared to the same week in 2007. This is the sixteenth consecutive week of year-over-year decline, a period during which there have been a total 5,881 fewer new listings than one year ago. The total inventory of homes currently for sale is 2.6 percent lower than last year.
On the flip side, buyer demand remains relatively flat after over two years of heavy downward momentum. Pending sales for the week ending June 21 were 1.8 percent behind the same week last year, a decline of 16 sales. This is the 9th week in the last eleven where pending sales posted figures that were within 5 percent of one year ago, either above or below.
The next issue of MAAR’s The REALTOR, coming soon to a desk near you, will include an update on the state of the regional housing market. While we are pleased to communicate clear signs of positive housing market shift, the ensuing rebound will be slow to start and gradual in its effect.
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