The Commerce Department reported sales of newly built homes nationwide have surged 18% compared to a year ago and housing starts and building permits reached a 12-year high in August. This surge in both sales and new construction shows strong market confidence by both buyers and builders. However, further increases in new construction starts are still required to meet demand and bring more balance.
In the Twin Cities region, for the week ending September 28:
New Listings decreased 3.3% to 1,546
Pending Sales decreased 3.0% to 1,112
Inventory decreased 3.6% to 12,716
For the month of August:
Median Sales Price increased 7.0% to $286,875
Days on Market increased 2.5% to 41
Percent of Original List Price Received decreased 0.2% to 99.0%
Months Supply of Homes For Sale remained flat at 2.6
The Commerce Department reported sales of newly built homes nationwide have surged 18% compared to a year ago and housing starts and building permits reached a 12-year high in August. This surge in both sales and new construction shows strong market confidence by both buyers and builders. However, further increases in new construction starts are still required to meet demand and bring more balance.
In the Twin Cities region, for the week ending September 28:
New Listings decreased 3.3% to 1,546
Pending Sales decreased 3.0% to 1,112
Inventory decreased 3.6% to 12,716
For the month of August:
Median Sales Price increased 7.0% to $286,875
Days on Market increased 2.5% to 41
Percent of Original List Price Received decreased 0.2% to 99.0%
Months Supply of Homes For Sale remained flat at 2.6
This week the National Association of REALTORS® reported that nationally, August existing-home sales rose 2.6% from a year ago. Additionally, the Federal Reserve announced a rate cut for the second time in seven weeks, though this was widely expected and largely factored into mortgage rates already. A strong economy along with mortgage rates near their lows for the year continue to support healthy housing demand.
In the Twin Cities region, for the week ending September 21:
New Listings increased 7.6% to 1,676
Pending Sales decreased 2.4% to 1,158
Inventory decreased 4.4% to 12,628
For the month of August:
Median Sales Price increased 6.9% to $286,500
Days on Market increased 2.5% to 41
Percent of Original List Price Received decreased 0.2% to 99.0%
Months Supply of Homes For Sale remained flat at 2.6
With kids back in school and the weather beginning to cool, the housing market begins its annual cooldown as well. With buyer and seller activity remaining strong, it will be at a little more relaxed pace than during the late spring and summer. While Halloween decorations may be adorning stores and soon adorn the stoops of homes around the country, the real estate market this fall is looking far from scary.
In the Twin Cities region, for the week ending September 14:
New Listings decreased 1.3% to 1,820
Pending Sales decreased 7.8% to 1,144
Inventory decreased 4.8% to 12,423
For the month of August:
Median Sales Price increased 6.7% to $286,000
Days on Market increased 2.5% to 41
Percent of Original List Price Received decreased 0.2% to 99.0%
Months Supply of Homes For Sale decreased 3.8% to 2.5
For Week Ending September 28, 2019