Most economists expect the housing recovery to continue, even with rising mortgage rates. New household formations and tight supply should keep bolstering markets and shield homeowners from downside price risk. Price gains should inspire sellers to add new inventory to the market. Although inventory and other metrics will begin to taper from seasonal highs, they are likely to remain above last year's levels.
In the Twin Cities region, for the week ending August 24:
• New Listings increased 15.7% to 1,485
• Pending Sales increased 17.8% to 1,144
• Inventory decreased 9.2% to 16,180
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 19.6% to 3.7
Source: Minneapolis Area Association of Realtors
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