For Week Ending July 1, 2017

Nationally and locally, economic conditions affecting residential real estate have not changed much this year, which is good for market stability. The most recent jobs report was favorable, while unemployment and mortgage rates both remain satisfyingly reasonable. If there were more homes for sale, we might see a shift in prices. Although builder and seller confidence are high, we are not close to a trend change in that regard.

In the Twin Cities region, for the week ending July 1:

• New Listings decreased 0.1% to 1,587
• Pending Sales decreased 5.6% to 1,377
• Inventory decreased 16.5% to 12,628

For the month of May:

• Median Sales Price increased 5.5% to $250,000
• Days on Market decreased 15.0% to 51
• Percent of Original List Price Received increased 0.9% to 99.5%
• Months Supply of Inventory decreased 17.2% to 2.4

All comparisons are to 2016

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