Twin Cities home sellers continued to list fewer properties than last year at this time, as new listings were down 11.8 percent to 1,342. That makes for 11 consecutive weeks of declines. Meanwhile, buyer activity was up 53.3 percent over last year, the largest increase in 12 weeks and the 15th consecutive week of double-digit gains.
Inventory has been a winner all summer, and we haven’t broken the positive pattern yet. The number of active listings for sale was down 20.0% from 2010 to 24,183 homes. That’s the largest decline since the beginning of 2004 and represents more than 6,000 fewer homes on the market than at this time last year.
A flurry of housing and employment reports due out this week could set the stage for the rest of the year. These two economic indicators are more closely tied than ever.
To read more about the local market check out The Skinny.