Residential vacancy rates are low. According to Reuters, US residential vacancies were at 1.9% in the third quarter this year which is that lowest level in the last 7 years. Most real estate advocates see this as positive news for the housing market.
In the Twin Cities region, for the week ending October 27:
• New Listings decreased 3.0% to 1,037
• Pending Sales increased 11.1% to 914
• Inventory decreased 28.8% to 15,700
Watch the July Monthly Skinny to see where has the Twin Cities real estate market been and where is it heading? This monthly summary provides an overview of current trends and projections for future activity. Narrated by Cari Linn (2012 President, Minneapolis Area Association of REALTORS®), video produced by Chelsie Lopez.