The Minneapolis Area Association of Realtors published their Weekly Market Update. I pulled a couple of charts from here to show that we don’t have a housing inventory problem, we have a Jobs problem.
As you can see, from an “inventory” perspective, we are at about 2005 levels.
However, our Month Supply of homes is closer to 2006 levels. The pace of sales is much slower, primarily due to consumer confidence (employment/jobs). We have record low mortgage interest rates, housing affordability hasn’t been better – yet the buyers are not out in force…
- Monthly Skinny: August 2011 (twin cities real estate market update) (craigkamman.wordpress.com)
- Twin Cities Weekly Market Update (week of August 15th 2011) (craigkamman.wordpress.com)
- Twin Cities Real Estate Market Update for Week of August 22, 2011 (johnmurphyreports.com)