The document discusses trends in the real estate market. Buyer activity is up, particularly for lender-mediated sales and sales below $190,000. Supply is down across property types except for new construction and condominiums. Prices are stabilizing in some areas. The market has benefited from federal homebuyer tax credits and low mortgage rates, but challenges remain from short sales and sellers with negative equity when these incentives expire. Overall, the real estate market has improved over the last 12 months but further difficulties are still anticipated.

1. The Big Picture and the Little Details Jeff Allen Director of Research Minneapolis Area Association of REALTORS® 10K Research & Marketing

2. Big Picture: Buyer Activity is Up

3. Little Details: Where is activity up?

5. Big Picture: Supply is Down

6. Little Details: Where is supply down?

7. Little Details: Where is supply down?

8. Months Supply of Inventory (a balanced market has 5-6 months of supply)

9. Big Picture: Prices are Stabilizing

10. Little Details: Where are prices strongest?

13. Looking Ahead: What’s Next? When we lose these market boosters, what will happen? Expect a second (smaller) dip in sales and prices. The “Double Dip.”