Twin Cities Real Estate: On the Road to Recovery
StarTribune -- Twin Cities home prices declined in November by the smallest amount in more than two years as the inventory of homes for sale returned to more-normal levels. Those are the latest glimmers of a market on the mend found in the monthly housing numbers released Thursday by the Minneapolis Area Association of Realtors (MAAR).
"We are bottomed out. We are on the road to recovery," said MAAR president Steve Havig.
A surge in sales helped the cause, with a hand from the government. Closed sales jumped nearly 70% from a year ago to 4,304 (see chart above), thanks in part to the bump from buyers rushing to take advantage of the $8,000 first-time home buyers tax credit which was originally slated to end in late November.
MP: The "supply-demand ratio" (SDR) measures the ratio of the number of active Minneapolis area home listings for each buyer, and the SDR fell to 9.28 in November, down from 12.06 last November and 14.38 in November 2007.