For Week Ending August 20, 2016

While existing home sales have recently been down, new home sales are picking up across the nation, which, in turn, has coaxed an upward trend in building activity. Buyers are still showing a willingness to pay higher prices, and there are signs that many new homes being built are smaller starter homes, perfect for young adults entering the market.

In the Twin Cities region, for the week ending August 20:

• New Listings increased 5.6% to 1,575
• Pending Sales increased 2.0% to 1,251
• Inventory decreased 17.3% to 14,559

For the month of July:

• Median Sales Price increased 6.6% to $239,900
• Days on Market decreased 14.3% to 54
• Percent of Original List Price Received increased 0.8% to 98.4%
• Months Supply of Inventory decreased 21.1% to 3.0

All comparisons are to 2015

Click here for the full Weekly Market Activity Report. From The Skinny Blog.