Minneapolis Duplex Sales Need Another Tax Credit

This morning the National Association of Realtors reported its June index of purchase agreements for existing homes was down 19 percent from the same month one year ago.

The two regions leading the plunge in pending sales was lead by a 12 percent drop in the Northeast and a 9.5 percent dip in the Midwest.

As if to prove the data, the Minneapolis Area Association of Realtors reported pending sales for the week ending July 24 were down 37.8 percent compared to last year.

The number of acting listings, meanwhile, is up 5.4 percent.

Duplex sales seemed to follow suit. The number of pended sales for the week was down 21 percent compared to last year, while the number of new listings rose 28 percent.

Of those duplex homes that received and accepted purchase agreements, just 13.04 percent involved a traditional seller in the negotiations. Last year, 31 percent of the pended sales involved people with names, not banks.

With fewer humans involved in the selling, this year’s average off-market price for the week dropped to $117,674; trailing last year’s average sold mark by a whopping $46,671.

Maybe it’s time to call Sen. Johnny Isaakson and ask for another $8000 tax credit.