A pendulum spends little time in the middle. It tends to overswing center and hang out at the extreme before changing directions. Apply that to housing. Two or three years ago, almost no one would have foreshadowed concern over affordability, yet that's what some are cautioning against in an environment of rising prices and interest rates. It would take further increases to truly rattle confidence and sentiment, but it's wise to monitor the market recovery's dual-edged saber.
In the Twin Cities region, for the week ending September 7:
• New Listings increased 18.6% to 1,511
• Pending Sales decreased 4.5% to 857
• Inventory decreased 8.9% to 15,891
For the month of August:
• Median Sales Price increased 16.9% to $207,900
• Days on Market decreased 34.0% to 70
• Percent of Original List Price Received increased 2.0% to 97.0%
• Months Supply of Inventory decreased 18.2% to 3.6
Source: Minneapolis Area Association of Realtors
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