It’s been almost 3 months since the expiration of the federal home buyer tax credit and the market appears to have settled into something of a rhythm. With the dust settling, pending sales have become mostly fixed in the 500-to-600 per week range for the past 9 weeks.
While the dramatic drop from a year ago is certainly not positive, demand is at least holding relatively steady for the time being. The 626 purchase agreements signed for the week ending July 17 were 39.7 percent behind a year ago.
For the same reporting week there were 1,618 new listings in the Twin Cities, down 10.0 percent from a year ago. Inventory is rising due to slower demand. The 27,350 homes currently available for sale represent an increase of 4.8 percent from last year.
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