Metro: Market Continues Road To Recovery

The Saint Paul Area Association of Realtors reports that there were 4,418 more pending home sales during the month of May compared to 4.208 in April. However, that is a decline of 7.59 percent from the pending sales of May 2007. At the end of May, there were 33,229 active single-family residential listings in the 13-county metro and at the same time one year ago, there were 35,236 active listings. The 'months-supply of inventory' peaked in December of 07 at 14 and is a measure of the number of months it would take to sell the supply of inventory at the current pace of sales. "This is a sign that the housing market in the Twin Cities continues to recover even with the challenging economic factors of high oil prices and instability in the markets," said Greg Bauman, president of SPAAR. "the market continues to perform as expected and we will see continued stabilization for the 2nd half of 2008 and into the beginning of next year."