The Twin Cities housing market continues to regain a semblance of
balance in supply and demand. For the week ending August 8, there
were 1,802 new listings, down 9.5 percent from last year. There were
also 1,037 purchase agreements signed (pending sales), up 15.2
percent above last year. The total inventory of homes available for sale
is down 21.5 percent from a year ago.
The Housing Affordability Index (HAI) of 195 has begun to taper off
from its high of 219 earlier this year, yet the current HAI still represents
an increase of more than 30 percent from the boom years earlier this
decade. Months Supply of Inventory currently sits at 7.2—down 31.4
percent from last year's mark of 10.5.
All in all, the see-saw is moving back towards equilibrium. This doesn't
mean that everything is hunky-dory; sellers still face a challenging
market, especially in the higher price ranges. But the overall shift is
welcome news.
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