Weekly Market Activity Report 9.29.08

By MAAR on Monday, September 29th, 2008

September home sales in the Twin Cities housing market continue to post huge gains over 2007. For the week ending September 20, there were 42.8 percent more pending sales than the same week last year. Over the last seven weeks, there have been 5,866 signed purchase agreements, up more than 1,500 units from the 4,363 posted during this period in 2007. However, here are some items to keep in mind that temper the good news:

  • September 2007 was a particularly slow month, which inflates the appearance of this year’s increase. Current sales levels are on par with September 2006.
  • Lender-mediated foreclosures and short sales are a growing part of the market. For the most recent week, 39.1 percent of pending sales were lender-mediated, compared to 13.4 percent for the same week last year.
  • Home sales in September of this year may be temporarily propped up by buyers taking advantage of the final days of the FHA seller-funded downpayment assistance program, which disappears on October 1.

The supply of homes for sale remains lower than last year—7.8 percent down from the same time last year for the most recent reporting week.

Click here to view the full Weekly Market Activity Report.

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