As July data roll in, more economists wonder whether we are seeing the signs of an economic slowdown. Yet that would not necessarily imply a slowdown in the housing market. While July’s existing home sales fell below analyst expectations, consumer confidence in housing reached new highs as mortgage rates dropped and more homeowners refinanced their homes. It remains to be seen whether growing confidence and lower rates will help boost home sales.

In the Twin Cities region, for the week ending August 10:

• New Listings decreased 2.1% to 1,794
• Pending Sales increased 3.8% to 1,342
• Inventory decreased 3.0% to 12,339

For the month of July:

• Median Sales Price increased 6.0% to $283,950
• Days on Market remained flat at 38
• Percent of Original List Price Received decreased 0.2% to 99.6%
• Months Supply of Homes For Sale remained flat at 2.5

All comparisons are to 2018

Click here for the full Weekly Market Activity Report. From MAAR Market Data News.

While financial markets are becoming more volatile in recent weeks, national and regional real estate indicators are sending mixed signals. For the first time in seventeen months, July pending sales saw moderate gains over the previous year nationally. At the same time, home prices continue to be at or near record levels in many markets as supply remains limited.

In the Twin Cities region, for the week ending August 3:

• New Listings increased 7.1% to 1,984
• Pending Sales decreased 1.0% to 1,341
• Inventory decreased 3.8% to 12,152

For the month of June:

• Median Sales Price increased 7.2% to $290,000
• Days on Market increased 2.5% to 41
• Percent of Original List Price Received decreased 0.3% to 100.0%
• Months Supply of Homes For Sale increased 4.0% to 2.6

All comparisons are to 2018

Click here for the full Weekly Market Activity Report. From MAAR Market Data News.

While financial markets are becoming more volatile in recent weeks, national and regional real estate indicators are sending mixed signals. For the first time in seventeen months, July pending sales saw moderate gains over the previous year nationally. At the same time, home prices continue to be at or near record levels in many markets as supply remains limited.

In the Twin Cities region, for the week ending August 3:

• New Listings increased 7.1% to 1,984
• Pending Sales decreased 1.0% to 1,341
• Inventory decreased 3.8% to 12,152

For the month of June:

• Median Sales Price increased 7.2% to $290,000
• Days on Market increased 2.5% to 41
• Percent of Original List Price Received decreased 0.3% to 100.0%
• Months Supply of Homes For Sale increased 4.0% to 2.6

All comparisons are to 2018

Click here for the full Weekly Market Activity Report. From MAAR Market Data News.

As we await July results, the June numbers and preliminary July indicators suggest that current trends in most real estate markets are likely to continue. Mid-to-lower priced segments continue to experience imbalances favoring sellers, leading to steady year-over-year increases in price, outpacing inflation in many markets. Although the Fed rate decrease dominated the news this week, industry experts seem to agree this event by itself is unlikely to have much effect on mortgage rates and real estate markets, at least in the short term.

In the Twin Cities region, for the week ending July 27:

• New Listings decreased 4.7% to 1,736
• Pending Sales decreased 4.9% to 1,364
• Inventory decreased 3.0% to 12,236

For the month of June:

• Median Sales Price increased 7.2% to $290,000
• Days on Market increased 2.5% to 41
• Percent of Original List Price Received decreased 0.3% to 100.0%
• Months Supply of Homes For Sale increased 4.0% to 2.6

All comparisons are to 2018

Click here for the full Weekly Market Activity Report. From MAAR Market Data News.