As we move past the peak spring and summer selling months, one might expect tapering activity compared to last month. But we can still expect solid year over year improvement. Rates remain affordable despite recent increases. Rising prices should continue to alleviate challenged homeowners, which should lend to increased options for buyers. Items to watch include Federal Reserve policy, a potential debt ceiling standoff and jobs numbers – all of which affect the course of consumer confidence.
In the Twin Cities region, for the week ending August 3:
• New Listings increased 18.0% to 1,689
• Pending Sales increased 15.0% to 1,252
• Inventory decreased 11.9% to 15,981
For the month of July:
• Median Sales Price increased 16.8% to $208,000
• Days on Market decreased 31.4% to 72
• Percent of Original List Price Received increased 2.6% to 97.5%
• Months Supply of Inventory decreased 21.7% to 3.6
Source: Minneapolis Area Association of Realtors
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