Tuesday morning at 10 a.m. I'll have the clearest picture of what's happening in the Twin Cities housing market when local Realtors release their April sales report. By all early indications, it's shaping up to be the best spring market in at least a decade. Here's what we know so far:
- Pending home sales, an indication of future closings, was up 39 percent during the week ending April 25 and agents.
- New listings, an essential ingredient for a strong market, were up 3.5 percent.
- With sales outpacing new listings in some parts of the metro, there's stiff competition for turn-key properties priced right. And that means LOTS of multiple offers.
- Fewer homeowners are falling behind on their mortgage payments, the foreclosure rate in the Twin Cities is below the national average and continues falling.
- Mortgage rates remain within a percentage point of all-time lows .
- Buyers are willing to spend. During March sellers got 96 percent of their asking price.
Stay tuned for a full report Tuesday morning.