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| Rabbit Warren at Pontoise, Snow 1879 Camille Pissarro, French The Art Institute of Chicago |
We could certainly use some inventory again. I just checked and the latest report shows that the inventory levels are at 11,999. That's quite low, as we usually like to see approximately 20,000 homes on the market. Based on my Open Houses, buyers are just getting started. Perhaps the sellers are too.
Here's the overview from the Minneapolis Area Association of Realtor's 2014 Annual Report on the Twin Cities Housing Market.
| Two steps forward, one step back. That's how the 2014 housing recovery went in most local U.S. markets. It was another recovery year but not without its hurdles – some new, some familiar. Metrics like sales price and new listings showed improvement, while new home construction and inventory didn't quite meet expectations. Though the rate of improvement is uneven across areas, price tiers and market segments, overwhelmingly encouraging data sets a positive tone for 2015. |
