Twin Cities pending home sales for the week ending April 20th, 2013 surged to their 2nd highest level in more than 7 years.
In one week, 1,337 homes went under contract, which was the highest level since August 2005 except for a single week in 2010 when the first time home buyer tax credit was expiring.
Pending sales were nearly 10% higher than the same week a year ago and continues the trend of increasing sales, declining inventory and rising prices. While sales are up, new listings are effectively flat from the year-ago period.
The Months Supply of Homes for Sale is likely to decline further through the rest of the year, dropping to new decade lows.
