Here is this weeks Skinny on the Twin Cities real estate market from the Minneapolis Area Association of Realtors;

“Like The Godfather II, the Twin Cities housing market showed a surprisingly
strong sequel to last week’s huge upswing in pending sales. For the week
ending September 6, there were 749 purchase agreements written—a rise of
49.8 percent from the same week in 2007. This comes on the heels of last
week’s then-unthinkably large increase of 51.3 percent.

There are factors at work that are exacerbating the appearance of this rebound
and slightly tempering this good news. First, the sales slowdown in August and
September of last year was historically extreme; current activity seems
extraterrestially high, compared to 2007, but is actually only slightly above the
pace of 2006. In addition, there is likely a short-term increase in sales activity as
home buyers act now to take advantage of sunsetting seller-funded
downpayment assistance on FHA mortgages. This program is currently the only
zero-down loan option still available and is disappearing as of October 1, subject
to a congressional rescue.

Other factors working to boost buyer activity include the newly authorized
$7,500 Federal tax credit for first-time homebuyers, home prices too good to
pass on and downward pressure on interest rates.
Elsewhere in the market, the supply of homes for sale continues to shrink.
There are currently 9.0 percent fewer homes on the market than there were a
year ago. And we are almost dead even with the number of homes on the
market at this time in 2006.”

Market Report for Minneapolis

Market Report for St. Paul

Market Report for White Bear Lake

Market Report for Vadnais Heights

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