Home prices are still rising and rates have increased incrementally. As the cement of market balance hardens, it has become more dependent on move-up and first- time home buyers. Even with tightened lending regulations, seller activity has broadened. The government shutdown should not have a major impact on national and local market housing recovery. But as we get deeper into the -ber months, it will be interesting to see if the year-over-year trends hold true, simply lessen in drama or give reason for pause.
In the Twin Cities region, for the week ending September 28:
New Listings increased 10.3% to 1,449
Pending Sales increased 12.2% to 1,106
Inventory decreased 5.9% to 16,282
For the month of August:
Median Sales Price increased 16.8% to $207,825
Days on Market decreased 34.0% to 70
Percent of Original List Price Received increased 2.0% to 97.0%
Higher interest rates, rising prices and a budget standoff in Washington haven’t shaken consumer sentiment regarding housing. Buyers continue to riffle through existing inventory for options, keeping an eye out for new listings. A sense of normalcy is returning to the real estate ethos after more than a decade of extreme ups and downs. It’s a big week for economic and housing news, so keep your eyes and ears tuned for any changing headlines.
In the Twin Cities region, for the week ending September 21:
New Listings increased 13.3% to 1,469
Pending Sales decreased 5.5% to 970
Inventory decreased 6.8% to 16,249
For the month of August:
Median Sales Price increased 16.9% to $207,900
Days on Market decreased 34.0% to 70
Percent of Original List Price Received increased 2.0% to 97.0%
Where has the Twin Cities real estate market been and where is it heading? This monthly summary provides an overview of current trends and projections for future activity. Video produced by Chelsie Lopez.
For several weeks, markets across the country have seen consistent gains in sales, prices and percent of list price received at sale. Things like steadily low rates, less lender-mediated inventory and increased consumer confidence are all helping this reality. Each and every week reveals signs of a recovered market that are going from temporary yard sign to permanent road sign. Here’s to hoping for prosperous signs on the road ahead.
In the Twin Cities region, for the week ending September 14:
New Listings increased 19.5% to 1,625
Pending Sales increased 8.3% to 1,006
Inventory decreased 8.0% to 16,095
For the month of August:
Median Sales Price increased 16.9% to $207,900
Days on Market decreased 34.0% to 70
Percent of Original List Price Received increased 2.0% to 97.0%
A pendulum spends little time in the middle. It tends to overswing center and hang out at the extreme before changing directions. Apply that to housing. Two or three years ago, almost no one would have foreshadowed concern over affordability, yet that’s what some are cautioning against in an environment of rising prices and interest rates. It would take further increases to truly rattle confidence and sentiment, but it’s wise to monitor the market recovery’s dual-edged saber.
In the Twin Cities region, for the week ending September 7:
New Listings increased 18.6% to 1,511
Pending Sales decreased 4.5% to 857
Inventory decreased 8.9% to 15,891
For the month of August:
Median Sales Price increased 16.9% to $207,900
Days on Market decreased 34.0% to 70
Percent of Original List Price Received increased 2.0% to 97.0%
