For the second straight week, the distractions of a holiday placed the
Twin Cities housing market in a holding pattern. While new listings
jumped from their holiday-reduced nadir the week before, they remain
25.8 percent behind the same week last year. Newly signed purchase
agreements (pending sales) increased as well, but to a slighter degree
than listings. Once again, the vagaries of the holiday mean these
numbers have little meaning relative to the underlying market
conditions. This week's edition of the MAAR Weekly Market Activity Report
features updated January 2008 figures for Mortgage Rates and the
Housing Affordability Index (HAI). Mortgage Rates increased slightly to
6.3 percent but remain near historical lows. The HAI held steady at 141
due to counter-balanced trends of increased interest rates and
seasonally decreased home prices.
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