Tuesday, May 19, 2009

Weekly Market Activity Report from MAAR

1,004. 1,046. 1,083. 1,078. 1,120. 1,185.

Notice a pattern? That's the number of signed purchase agreements each of the last six weeks in the Twin Cities housing market, growing most weeks as the spring buyer market heats up. The 1,185 pending sales during the week of May 9 were a robust 26.6 percent higher than the same week in 2008. Over the last three months, there have been 2,228 more pending sales than the same period last year.


There are some caveats to this good news:


1. Traditional home sales (excluding foreclosures and short sales) over those last three months are down 17.6 percent from a year ago.
2. Sales above $190,000 are down 19.2 percent from a year ago.
3. Sales of new construction homes are down 16.8 percent from a year ago.

Looking through a sharper lens is sometimes the best way to fully understand market dynamics. Take a look at our Housing Supply Outlook and foreclosures and short sales report to learn more.

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