The number of sold homes in July 2010 versus July 2009 was reported to be UP 34% in the Minneapolis / St Paul area with more than 3800 transactions.
The amount of active homes for sale was DOWN 19% to just 24,328 homes.
The number of pending sales (housing sold, but not yet closed) was reported to be UP 43%, with over 4,000 purchase agreements written.
Nationwide, 7% fewer homes entered into the actual foreclosure process, and initial foreclosure notices have fallen 58% since their peak in 2009.
Many times it is hard to interpret all this information, but clearly less homes for sale, less homes going into foreclosure, combined with more actual sales… would lend one to believe the market is slowly starting to crawl forward. It may be more turtle than the hare, but at least it is going in the right direction.
Botton line? If you are thinking of buying a home, now may be the best opportunity to get pre-approved, take advantage of today’s super low mortgage rates, and become a homeowner.