Mark Allen, CEO of the Minneapolis Area Association of Realtors, had this to say in his weekly market activity report:

Activity in the Twin Cities residential real estate market rebounded for the week ending December 2 following the annual Thanksgiving pause. New listings were 6 percent greater than the same week in 2005, the first year-to-year increase in weekly seller activity since August; however, pending sales were down by 15 percent relative to the same week last year.

This week’s edition of the MAAR Weekly Market Activity Report features updated figures for the Housing Supply Outlook (HSO) and the Housing Affordability Index (HAI). The HSO posted a figure of 7.0, meaning that it will take our current inventory of homes for sale 7 months to completely sell through. Previously owned homes have 6.4 months of supply and newly constructed homes have 10.6 months of supply. The HAI for December 2006 rose to 140, the fifth consecutive month of improving conditions.

Falling interest rates and seasonal price moderation have prompted the positive effect on affordability, and REALTORS® should emphasize this improved buying climate to consumers. Our market has bounced back near the affordability range that drove the boom market of the first half of this decade, which will motivate wise buyers to vacate their spectator seats to participate in a housing market that is in their favor.

Source: MAAR,  12/11/2006.

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