Most analysts agree that we are not in the midst of inflating another housing bubble. Instead, we are sometimes seeing seemingly dramatic price and sales increases, but off of artificially low baseline levels. Private equity firms and first-time buyers have bought up a lot of inventory, while some sellers await further price recovery. Credit remains available but not abundant, so lenders are avoiding the facilitation of another bubble. Default rates and foreclosure activity are at multiyear lows. As of now, the housing recovery is intact.

In the Twin Cities region, for the week ending November 2:

• New Listings increased 5.5% to 1,185
• Pending Sales increased 6.9% to 972
• Inventory decreased 2.6% to 16,034

For the month of October:

• Median Sales Price increased 11.4% to $195,000
• Days on Market decreased 27.2% to 75
• Percent of Original List Price Received increased 1.4% to 95.8%
• Months Supply of Inventory decreased 12.5% to 3.5

All comparisons are to 2012

Click here for the full Weekly Market Activity Report.From The Skinny.

Holiday decorations have debuted in department stores across the nation (really?), and their mere presence just might affect housing activity for those prone to a good winter hunker. Comparisons to year-ago levels will show improvement and recovery, even as general activity will likely slow through the rest of 2013. With rates seemingly in a continuous go-low zone, the thrifty buyer and willing seller will still meet for transactional tea.

In the Twin Cities region, for the week ending October 26:

• New Listings increased 16.4% to 1,209
• Pending Sales increased 10.4% to 974
• Inventory decreased 3.1% to 16,211

For the month of September:

• Median Sales Price increased 11.7% to $195,000
• Days on Market decreased 29.7% to 71
• Percent of Original List Price Received increased 1.7% to 96.4%
• Months Supply of Inventory decreased 14.0% to 3.7

All comparisons are to 2012

Click here for the full Weekly Market Activity Report.From The Skinny.

Nationally, we are starting to see some of the impact of the government shutdown on the housing market. Applications for government mortgage products dropped to the lowest level since 2007, according to a release from the Mortgage Banker’s Association. This was while overall applications were up marginally. Most FHA lenders were able to process loans while Veterans Administration loans were slowed considerably and USDA Rural Development financing was cut off entirely. That said, there was still plenty of activity locally, much of it positive.

In the Twin Cities region, for the week ending October 19:

• New Listings increased 16.3% to 1,291
• Pending Sales decreased 11.4% to 867
• Inventory decreased 3.9% to 16,275

For the month of September:

• Median Sales Price increased 11.7% to $195,000
• Days on Market decreased 29.7% to 71
• Percent of Original List Price Received increased 1.8% to 96.5%
• Months Supply of Inventory decreased 14.0% to 3.7

All comparisons are to 2012

Click here for the full Weekly Market Activity Report.From The Skinny.

As tricks and treats are planned, housing starts its preparation for a holiday season hibernation. Though activity hasn’t come to a complete halt – there are still year-over-year gains being posted for listings and prices – the liveliness of the summer months has started to slow. Keep watch on any movements from the Fed, on economic indicators outside of housing and on the legislative tug-of-war. Each may play a part in predicting how the rest of the fourth quarter of 2013 goes.

In the Twin Cities region, for the week ending October 12:

• New Listings increased 21.7% to 1,524
• Pending Sales decreased 2.7% to 892
• Inventory decreased 5.6% to 16,113

For the month of September:

• Median Sales Price increased 11.7% to $195,000
• Days on Market decreased 29.7% to 71
• Percent of Original List Price Received increased 1.8% to 96.5%
• Months Supply of Inventory decreased 16.3% to 3.6

All comparisons are to 2012

Click here for the full Weekly Market Activity Report.From The Skinny.

Home price gains and housing demand are still a year-over-year improvement, but activity is beginning to moderate as the seasons change. With the possibility of further rate and price increases, some buyers are still motivated, but urgency tends to wane when holiday decorations start going up. Recovery continues, but the pace is stabilizing. Yet that’s a good thing, since harmful corrections usually follow when the market moves too far too fast.

In the Twin Cities region, for the week ending October 5:

• New Listings increased 17.9% to 1,536
• Pending Sales increased 2.4% to 1,037
• Inventory decreased 6.2% to 16,074

For the month of September:

• Median Sales Price increased 11.7% to $195,000
• Days on Market decreased 29.7% to 71
• Percent of Original List Price Received increased 1.8% to 96.5%
• Months Supply of Inventory decreased 16.3% to 3.6

All comparisons are to 2012

Click here for the full Weekly Market Activity Report.From The Skinny.