There were more houses on the market in may than in April and more home sales too which is typical. Local homes sales peak in April or May. The number of homes being put on the market is declining. The data used to make the chart was gathered from the Regional Multiple Listing Service. (MLS) and is deemed reliable but not guaranteed.
According to the Minnesota Association of Realtors spring market is slower this year than last. To translate fewer people are purchasing homes some 18.9% fewer than at the same time least year. It isn’t because of the interest rates, locally homes are affordable. It isn’t due to lack of choices there are plenty of homes on the market. It may be because buyers don’t feel confident. The news stories about foreclosures, bubbles and mortgage fraud have shaken buyer confidence. I think we should blame the media, but not my blog.
My personal experience with buyers has been that they look at more houses over a longer period of time and make lower offers. Sellers are rejecting the offers and the buyers move on to the next home. On average sellers are getting close to 98% of their asking price.
Related Posts:
Don’t let the big one get away
Also see Local market conditions
Interest rates have gone up from last month.
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