It appears the low mortgage rates, affordable prices and government programs are combining to create healthy home sales. I keep thinking we will look back on this year as the 'Golden Year' for first-time buyers.
Last week's pending sales (purchase agreements accepted, waiting to close) were more than 20 percent higher than last year for the fourth week in a row. It was also the third consecutive week of more than 1000 sales…the first time that has happened since 2006!
In the chart above released by the Minneapolis Area Association of Realtors you can see how sales are following a similar seasonal trend compared to last year, but significantly higher. I expect the trend to continue, if my personal experience is any indication…I had three listings pend this week and properties of interest to buyers sold before they could even submit an offer.
New listings continue to lag behind last year by an average of 13% so far this year. That, combined with the increase in sales, means that the total number of homes for sale has been dropping all year…now down more than 18% compared to last year.
Click here to view the full weekly market activity report compiled by the Minneapolis Area Associaiton of Realtors.
Sharlene Hensrud, RE/MAX Results - Email – HomesMSP.com
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