Tuesday, August 6, 2013

Weekly Market Update: August 5, 2013

National news outlets enjoy discussing foreign investment cash and rising interest rates as a determining factor of the housing market. A tapering of high summer sales volume may start to kick in over the next several weeks, but let's attribute that more to parents busily returning to back-to-school schedules, rather than goings-on at the Fed or the Greek debt crisis. Locally, the majority of segments continue to outperform historic activity to the delight of buyers and sellers alike.

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

• New Listings increased 19.7% to 1,716
• Pending Sales increased 18.4% to 1,280
• Inventory decreased 12.0% to 15,993

For the month of June:

• Median Sales Price increased 17.5% to $210,000
• Days on Market decreased 34.5% to 74
• Percent of Original List Price Received increased 2.5% to 97.5%
• Months Supply of Inventory decreased 25.0% to 3.6

Source:  Minneapolis Area Association of Realtors

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