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.

For Week Ending August 13, 2016

Residential construction, builder confidence and housing starts have all been up in recent months, creating a triple dose of good news as the country begins the inevitable home sales slowdown following the busy spring and summer seasons. The news creates hope that buyer traffic could maintain at a sufficient level over the last several months of the year.

In the Twin Cities region, for the week ending August 13:

• New Listings decreased 5.5% to 1,651
• Pending Sales decreased 2.8% to 1,229
• Inventory decreased 17.3% to 14,521

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.

For Week Ending August 6, 2016

Housing markets across the nation have mostly reached full recovery and are even approaching or achieving categorical highs in sales and prices, yet builders are still focusing on higher-end homes over starter homes in order to combat high land and building permit costs. Until there is more entry-level inventory on the market, sustainable balance will be difficult.

In the Twin Cities region, for the week ending August 6:

• New Listings increased 2.3% to 1,795
• Pending Sales decreased 1.9% to 1,258
• Inventory decreased 17.7% to 14,495

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.