Here's a quick look at the market place from Mpls Area Association of Realtors.  The good news is RATES ARE GREAT:   3.125% on a FHA 5 yr ARM,  4.375% on a FHA Fixed, &  4.5% on a 30 yr Fixed Conforming.

Weekly Market Activity Report
For the week ending November 20, Pending Sales in the Twin Cities metropolitan area declined by just 4.1 percent from year-ago levels, marking the second week in a row where this year's sales figures closely match last year's numbers. There were 579 pendings for the week, and we have kept pace at about 600 sales per week for the past six months.

At 1,159, New Listings were 1.3 percent below 2009 levels. This year's listing activity has occasionally strayed from last year's trend line but has, for the most part, tracked along a fairly similar path.

As expected, the year-over-year inventory gains have been tapering off. As of November 29, the 24,423 active listings were 9.6 percent fewer than last year at this time. That's the third consecutive week of decreasing inventory gains. This metric does a great job of illustrating the buyer-seller balance as the market prepares for hibernation.