We Tell it Like It Is

Wow, a lot of action going on out there. Here's an update from the Mpls Area Assoc. of Realtors:

For the week ending May 23, there were 1,103 pending sales, which was down slightly from the week prior due to the Memorial Day weekend holiday. Despite the low-cal dip, the mark is still 27.2 percent higher than last year at this time. Of the week's sales, 43.2 percent were lender-mediated foreclosures and short sales. In week-by-week, year-over-year comparisons, sales are expected to be higher than last year for the remainder of the year.

Heavy sales and soft growth in new listings equate to no growth in the supply of homes for sale this spring—the time of year that typically shows the largest increases. There are currently 26,453 active listings, lagging 19.6 percent behind this time in 2008.

This week's edition of the MAAR Weekly Market Activity Report features a new Supply-Demand Ratio for June 2009 of 5.04, which means that there will be 5.04 houses per buyer during the month. This is an astounding 33.4 percent drop compared to June 2008.