There is hope in the MN Real Estate MLS Listing Situation. More sales are happening. Buyers who used to be sitting on the sideline are seeing real bargains.
Quote:Pending sales in the metro area improved for the second month in a row. But with foreclosure sales on the rise, there's been steady downward pressure on the median sale price.
The Minneapolis Area Association of Realtors reported Wednesday that closed home sales in August declined 4.3 percent over the same period last year. But pending sales -- signed purchase agreements for sales not yet closed -- increased 15 percent, the largest year-over-year rise since November 2004. July's pending sales were up 6 percent.
Some sales agents hailed the latest report as more good news for a beleaguered housing market. But others say the increase in signed purchase agreements was prompted in part by termination of a popular no-money-down mortgage program that ended in August.
Analysts say no one will know that the market has hit bottom until the recovery occurs. Most agree that a recovery will happen only after buyers burn through record levels of unsold homes. Although new listings are beginning to decline, bank-owned listings and distress sales continue to clog the market.
New listings in August declined 18.8 percent, causing the total number of active listings on the market to fall 9 percent.
By JIM BUCHTA, Star Tribune September 11, 2008