The week ending April 26th saw an increase in the momentum towards fewer homes listed in the Twin Cities real estate market. Since the Minneapolis Association of Realtors started keeping real estate transaction records, this week has the distinction of being the only week to have fewer active listings (32,448) than the same week one year earlier (32,582). We have always seen a year over increase in the amount of housing inventory on the Twin Cities market, until April of 2008. New listings (2,155) for the week were behind last year (2,511) by 14.2%, the 8th week in row to show a year over year decrease and 7 of those were double digit decreases. While buyers came on strong the previous 2 weeks, this week saw a dip in the number of new purchase agreements (804) down 14.6% over the same week last year (942). The supply/demand ratio for April was 7.53, meaning that on the average, for every buyer there are were 7.53 homes listed.

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