The latest Minneapolis Area Association of Realtors reported a 19.2 percent decline over this week last year. Pending sales are also up 12.1 over last February. This is great news and should be celebrated. John Tucillo, one of the foremost real estate economists in the U.S. and former Chief Economist for NAR, reported there are three necessary phases that must occur for the housing recovery to launch:
1) a decline in new listing activity
2) a decline in days on market
3) an increase in sale price to list price ratio
We have seen the top two happen in the last year and hope the third will happen in the next year or so.
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