People are always asking me how the market is.  I always tell them that the real estate market these days isn't for the weak of heart.  As goes the economy, so goes the Twin Cities Real Estate Market.  The last line of this post from Mpls Area Association of Realtors says it all.  Jobs, Jobs, Jobs is my battle cry.  

People talk about the national housing market like it’s some static thing, like a toaster. The thing is, there is no national housing market. Just like there is no national weather forecast. That doesn't mean national averages don't have their place, but you don’t grab a raincoat and an umbrella in Miami based on the weather in Seattle. Like the weather, all real estate is local. As we embark on the fourth and final quarter of 2011, let’s take look at our local forecast.

New Listings in the Twin Cities region decreased 16.8 percent to 5,562. Pending Sales were up 37.4 percent to 3,752. Inventory levels shrank 20.7 percent to 22,476 units, a positive supply-side trend that should bring additional stability.

Prices were still soft. The Median Sales Price decreased 6.9 percent to $155,500. Days on Market increased 5.1 percent to 137 days. Absorption rates improved as Months Supply of Inventory was down 22.7 percent to 6.8 months.

A dash of uplifting economic news was overshadowed by debt clouds from the ongoing turmoil in Greece and the threat of bank contagion. Manufacturing activity, construction spending and overall job growth all picked up in September, temporarily calming fears of the dreaded double-dip storm. As for the lending climate, the Fed's recent "Operation Twist" helped push mortgage rates to record lows – under 4.0 percent for the first time ever. Despite the cheap money, "Jobs, Jobs, Jobs!" should still be the battle cry.