New weekly statistics are out as of Tuesday May26th from Minneapolis Area Association of REALTORS®. Quoting Mark Allen, more good news:
Inventory is being sold through at a rate that is still flying high above last year’s numbers. Breaking the 1,200 pending sales threshold for the first time in three years, the 1,235 pending sales occurring during the most recent reporting week is up 36.9 percent over the same week last year. While many of these sales are lender-mediated properties, the increase in sales is welcome news regardless.
The decline in new listings, coupled with increased pending sales, has resulted in active listings supply dropping significantly. A year-over-year comparison of active listings from last May reveals a drop of 20.5 percent, bringing our Supply-Demand Ratio down to a healthy 5.23 houses for sale per buyer.
The rebalancing is beginning but the journey back will be slow. It appears that enough houses will soon be off the market, thus creating a rebalancing of the buyer-seller mix and a reversal in price trends.
Here is the full weekly statistical report.