August showed a 15 percent increase in pended sales year -over-year for the second consecutive month in the Twins Cities housing market. (Pended sales are accepted offers on properties that have not yet closed ). The good news is that the number of homes for sale in the 13 county metro area is down 9.2 % from August of last year. This trend is what we need to help stabilize home prices.
According to the Minneapolis Area Association of Realtors, we saw in September large increases in activity in the lower price ranges. This is likely the result of sales in foreclosure and short sale properties. With the lower interest rates and price pressures it makes affordability is 19% ahead of last year at this time.
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