Even with temperatures cooling, the Twin Cities housing market remained in its summer swelter of a holding pattern for the week ending August 28. Signed purchase agreements topped off at 636, continuing a sub-700 trend that has gone on for 15 weeks in a row. Prior to that, we had 15 weeks in a row of 700 or more pending sales per week. Think about that for a minute. There were more pending sales in the metro during the first full week of February than in the last full week of August. And last year at this time, we were consistently hitting 1,000 or more pendings throughout the summer. All of this adjustment firmly points to the federal tax credit for first-time home buyers that was in full swing both at this time last year and during the winter and spring months of this year. We have returned to a world void of juicy government incentives. The number of homes for sale has grown to 27,271, up 8.6 percent from the prior year. Increased supply plus declining demand has caused the Supply-Demand Ratio to grow 56 percent in one year\'s time. This boils down to greater opportunity for buyers and increased challenges for sellers. You\'re probably used to hearing that by now. We\'re certainly used to saying it.

1. A free research tool from the Minneapolis Area Association of REALTORS®
Week of September 7, 2010 Brought to you by the unique data-sharing traditions of the REALTOR® community
Contents
Even with temperatures cooling, the Twin Cities housing market
New Listings ......... 2
remained in its summer swelter of a holding pattern for the week
ending August 28. Signed purchase agreements topped off at 636,
continuing a sub-700 trend that has gone on for 15 weeks in a row.
ti i b 700 t d th t h f k i Pending Sales ......... 3
Prior to that, we had 15 weeks in a row of 700 or more pending
sales per week.
Active Listings ......... 4
Think about that for a minute. There were more pending sales in the
metro during the first full week of February than in the last full week
of August. And last year at this time, we were consistently hitting Days on Market Until Sale ......... 5
1,000 or more pendings throughout the summer.
All of this adjustment firmly points to the federal tax credit for first-
time home buyers that was in full swing both at this time last year
Percent of Original List Price Received at Sale ......... 6
and during the winter and spring months of this year. We have
returned to a world void of juicy government incentives.
Supply-Demand Ratio ......... 7
The number of homes for sale has grown to 27,271, up 8.6 percent
from the prior year. Increased supply plus declining demand has
caused the Supply-Demand Ratio to grow 56 percent in one year's Housing Affordability Index ......... 8
time. This boils down to greater opportunity for buyers and increased
challenges for sellers. You're probably used to hearing that by now.
We're certainly used to saying it. Months Supply of Inventory ........ 9
© 2010 Minneapolis Area Association of REALTORS®, Inc. | Sponsored by Royal Credit Union www.rcu.org 1

2. New Listings
As of September 7, 2010
Last Three Months Weekly New Listings
2,250
Current Activity For the week Current One Year One Year
One Year Ago ending: Activity Ago Change
2,000
6/5/2010 1,521 2,160 - 29.6%
6/12/2010 1,729 1,970 - 12.2%
6/19/2010 1,712 1,870 - 8.4%
6/26/2010 1,608 1,719 - 6.5%
7/3/2010 1,397 1,482 - 5.7%
1,750
7/10/2010 1,542 1,867 - 17.4%
7/17/2010 1,618 1,798 - 10.0%
7/24/2010 1,578 1,652 - 4.5%
7/31/2010 1,566 1,637 - 4.3%
1,500
8/7/2010 1,759 1,802 - 2.4%
8/14/2010 1,601 1,630 - 1.8%
8/21/2010 1,516 1,600 - 5.3%
8/28/2010 1,385 1,641 - 15.6%
1,250 3-Month
3 Month Total: 20,532
20 532 22,828
22 828 - 10 1%
10.1%
6/5/10 6/12/10 6/19/10 6/26/10 7/3/10 7/10/10 7/17/10 7/24/10 7/31/10 8/7/10 8/14/10 8/21/10 8/28/10
Historical New Listings
3,500
3,000
2,500
2,000
1,500
1,000
500
0
1/4/04 3/28/04 6/20/04 9/12/04 12/5/04 2/27/05 5/22/05 8/14/05 11/6/05 1/29/06 4/23/06 7/16/06 10/8/06 12/31/06 3/25/07 6/17/07 9/9/07 12/2/07 2/24/08 5/18/08 8/10/08 11/2/08 1/25/09 4/19/09 7/12/09 10/4/09 12/27/09 3/21/10 6/13/10
© 2010 Minneapolis Area Association of REALTORS®, Inc. | Sponsored by Royal Credit Union www.rcu.org 2

3. Pending Sales
As of September 7, 2010
Last Three Months Weekly Pending Sales
1,300
Current Activity
For the week Current One Year One Year
1,200 One Year Ago
ending: Activity Ago Change
1,100
6/5/2010 527 1,226 - 57.0%
6/12/2010 674 1,210 - 44.3%
6/19/2010 645 1,156 - 44.2%
1,000
6/26/2010 587 1,121 - 47.6%
7/3/2010 611 989 - 38.2%
900
7/10/2010 545 1,007 - 45.9%
7/17/2010 626 1,038 - 39.7%
800
7/24/2010 628 1,009 - 37.8%
7/31/2010 651 991 - 34.3%
700
8/7/2010 659 1,037 - 36.5%
8/14/2010 631 1,026 - 38.5%
600
8/21/2010 601 1,012 - 40.6%
8/28/2010 636 1,013 - 37.2%
500 3-Month
3 Month Total: 8,021
8 021 13,835
13 835 - 42 0%
42.0%
6/5/10 6/12/10 6/19/10 6/26/10 7/3/10 7/10/10 7/17/10 7/24/10 7/31/10 8/7/10 8/14/10 8/21/10 8/28/10
Historical Pending Sales
1,800
1,600
1,400
1,200
1,000
800
600
400
200
0
1/23/05 4/17/05 7/10/05 10/2/05 12/25/05 3/19/06 6/11/06 9/3/06 11/26/06 2/18/07 5/13/07 8/5/07 10/28/07 1/20/08 4/13/08 7/6/08 9/28/08 12/21/08 3/15/09 6/7/09 8/30/09 11/22/09 2/14/10 5/9/10 8/1/10
© 2010 Minneapolis Area Association of REALTORS®, Inc. | Sponsored by Royal Credit Union www.rcu.org 3

4. Active Listings for Sale
As of September 7, 2010
Last Three Months Weekly Inventory for Sale
28,000
Current Inventory
One Year Ago Current One Year One Year
Inventory as of:
27,500 Inventory Ago Change
6/7/2010 26,746 26,608 + 0.5%
6/14/2010 26,990 26,703 + 1.1%
27,000
6/21/2010 27,234 26,857 + 1.4%
6/28/2010 27,526 26,674 + 3.2%
7/6/2010 27,044 26,043 + 3.8%
26,500
7/12/2010 27,365 26,207 + 4.4%
7/19/2010 27,530 26,279 + 4.8%
26,000
7/26/2010 27,661 26,255 + 5.4%
8/2/2010 27,380 25,818 + 6.1%
8/9/2010 27,627 25,923 + 6.6%
25,500 8/16/2010 27,664 25,765 + 7.4%
8/23/2010 27,784 25,691 + 8.1%
8/30/2010 27,797 25,538 + 8.8%
25,000 9/7/2010 27,271
27 271 25,117
25 117 + 8.6%
8 6%
6/7/10 6/14/10 6/21/10 6/28/10 7/5/10 7/12/10 7/19/10 7/26/10 8/2/10 8/9/10 8/16/10 8/23/10 8/30/10 9/6/10
3-Month Avg: 27,452 26,067 + 5.3%
Historical Weekly Inventory for Sale
40,000
35,000
30,000
25,000
20,000
15,000
10,000
3/12/04 6/4/04 8/27/04 11/19/04 2/11/05 5/6/05 7/29/05 10/21/05 1/13/06 4/7/06 6/30/06 9/22/06 12/15/06 3/9/07 6/1/07 8/24/07 11/16/07 2/8/08 5/2/08 7/25/08 10/17/08 1/9/09 4/3/09 6/26/09 9/18/09 12/11/09 3/5/10 5/28/10 8/20/10
© 2010 Minneapolis Area Association of REALTORS®, Inc. | Sponsored by Royal Credit Union www.rcu.org 4

5. Days on Market Until Sale
July 2010 — 127
Current One Year One Year
Month
146 Year Previous Change
137 8-2009 133 143 - 7.1%
127 129 145
9-2009 - 11.0%
10-2009 128 141 - 9.4%
11-2009 127 149 - 14.5%
12-2009 132 148 - 10.5%
1-2010 135 146 - 7.8%
2-2010 142 157 - 9.7%
3-2010 130 150 - 13.7%
4-2010 127 150 - 15.3%
- 6.6% - 6.8% 5-2010 118 147 - 19.9%
6-2010 121 140 - 14.0%
7-2010 127 137 - 6.8%
12-Month Avg: 129 146 - 11.7%
7-2008 7-2009 7-2010
Two Year Picture: Days on Market Until Sale
170
160
150
140
130
120
110
100
7-2008 1-2009 7-2009 1-2010 7-2010
© 2010 Minneapolis Area Association of REALTORS®, Inc. | Sponsored by Royal Credit Union www.rcu.org 5

6. Percent of Original List Price Received at Sale
July 2010 — 91.8%
100%
Current One Year One Year
Month
Year Previous Change
8-2009 94.1% 92.7% + 1.5%
95% 94.0% 9-2009 93.9% 92.2% + 1.8%
92.6% 10-2009 94.6% 91.3% + 3.6%
91.8% 94.3% 90.1%
11-2009 + 4.7%
12-2009 93.4% 90.0% + 3.8%
90%
1-2010 92.8% 89.5% + 3.7%
2-2010 92.3% 89.3% + 3.4%
3-2010 94.0% 91.5% + 2.7%
85% 4-2010 93.6% 90.0% + 4.0%
+ 1.5% - 2.3% 5-2010 94.1% 91.5% + 2.8%
6-2010 93.4% 92.9% + 0.5%
7-2010 91.8% 94.0% - 2.3%
80%
12-Month Avg: 93.5% 91.3% + 2.5%
7-2008 7-2009 7-2010
Two Year Picture: Percent of Original List Price Received at Sale
100%
95%
90%
85%
80%
7-2008 1-2009 7-2009 1-2010 7-2010
© 2010 Minneapolis Area Association of REALTORS®, Inc. | Sponsored by Royal Credit Union www.rcu.org 6

7. Supply Demand Ratio
September 2010 — 7.96 Houses Per Buyer Actual
Projected
Current One Year One Year
Month
Year Previous Change
7.83 7.96
10-2009 5.30 8.88 - 40.3%
11-2009 7.72 10.88 - 29.0%
12-2009 8.27 12.06 - 31.4%
1-2010 6.97 8.43 - 17.3%
5.10
2-2010 5.85 7.64 - 23.4%
3-2010 4.43 5.79 - 23.5%
4-2010 4.37 5.02 - 13.1%
5-2010 6.77 5.23 + 29.3%
6-2010 7.62 4.55 + 67.4%
- 34.9% + 56.2% 7-2010 8.42 5.06 + 66.2%
8-2010 8.64 5.28 + 63.5%
9-2010 7.96 5.10 + 56.2%
12-Month Avg: 6.86 6.99 - 1.9%
9-2008 9-2009 9-2010
Two Year Picture: Supply-Demand Ratio
14
12
10
8
6
4
9-2008 3-2009 9-2009 3-2010 9-2010
© 2010 Minneapolis Area Association of REALTORS®, Inc. | Sponsored by Royal Credit Union www.rcu.org 7

8. Housing Affordability Index
August 2010 — 205
Current One Year One Year
Month
Year Previous Change
205 9-2009 195 151 + 29.1%
195
10-2009 201 159 + 26.4%
11-2009 202 161 + 25.5%
144 12-2009 207 180 + 15.0%
1-2010 208 192 + 8.1%
2-2010 217 202 + 7.3%
3-2010 213 206 + 3.2%
4-2010 206 218 - 5.4%
5-2010 202 219 - 7.8%
+ 35.4% + 5.1% 6-2010 200 199 + 0.4%
7-2010 199 192 + 3.6%
8-2010 205 195 + 5.1%
12-Month Avg: 204 190 + 7.9%
9-2008 9-2009 9-2010
Two Year Picture: Housing Affordability Index
240
220
200
180
160
140
120
8-2008 2-2009 8-2009 2-2010 8-2010
© 2010 Minneapolis Area Association of REALTORS®, Inc. | Sponsored by Royal Credit Union www.rcu.org 8

9. Months Supply of Inventory
August 2010 — 7.8 Months
Current One Year One Year
Month
10.5 Year Previous Change
9-2009 6.9 9.9 - 30.3%
10-2009 6.6 9.5 - 30.5%
7.8 11-2009 6.1 9.0 - 32.2%
7.2 5.7 8.5
12-2009 - 32.9%
1-2010 5.0 7.6 - 34.2%
2-2010 5.5 7.7 - 28.6%
3-2010 6.0 7.8 - 23.1%
4-2010 6.5 7.7 - 15.4%
5-2010 6.7 7.7 - 13.0%
- 31.4% + 8.3% 6-2010 7.0 7.6 - 7.9%
7-2010 7.1 7.3 - 2.9%
8-2010 7.8 7.2 + 8.3%
12-Month Avg: 6.4 8.1 - 21.1%
8-2008 8-2009 8-2010
Two Year Picture: Months Supply of Inventory
11
10
9
8
7
6
5
8-2008 2-2009 8-2009 2-2010 8-2010
© 2010 Minneapolis Area Association of REALTORS®, Inc. | Sponsored by Royal Credit Union www.rcu.org 9