All those pending sales this spring have finally caught up with closed sales. According to June statistics released by the Minneapolis Area Association of Realtors, both pending and closed sales were up about 20% over last year. Pending sales were the highest recorded in June since 2005 and the 12th consecutive month of year-over-year increases. Closed sales have been above last year's levels every month so far this year, and June even made a noticeable jump above 2007.
Although new listings coming on the market have been inching up, it is not enough to balance out the increased sales.
With increased sales outpacing new listings, the total supply of homes for sale continues to hang below last year, with June even dropping below the last two months.
The percentage of lender-mediated sales continues to inch downward, still abnormally high but down to 40.7% of sales in June compared to close to 60% in January. That brought median price up a bit again. It's nice to see that price trend going in the opposite direction for a change!
There continues to be a difference in price drops between traditional and lender-mediated homes. Median price for traditional homes was down 7.7% compared to last June, while lender-mediated prices were down 16.8%. 
The months supply of houses has dropped to below 2006 levels, and not far from a balanced supply of 5-6 months. For houses under $120,000 there is only a 3.6 month supply of inventory, making it officially a seller's market in that price range. Buyers in that price range will tell you that nearly every listing has multiple offers, reflecting year-over-year quadrupled sales in that price category. Overall, house sales are up 20.2% compared to last year.
The months supply of townhomes is now noticeably below 2007 levels, at 8.6 months. Sales are up 4.9% compared to last year. Only condos showed a year-over-year drop in sales, down 8.2%. Although their months supply is down a bit compared to last year, it is still over a year at 12.4 months.
The figures above are for the combined 13-county Twin Cities metropolitan area. Click here for links to the full June combined report as well as local reports for 125 metro communities.
Sharlene Hensrud, Realtor – Twin Cities Market Info – Email
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