Tuesday, May 13, 2014

Weekly Market Update: May 12, 2014

Market normalization and an improved product mix is presented as housing weakness by some. However, price increases, demand and an improving national economic scene paint a brighter housing landscape. According to the Mortgage Bankers Association, total week-over-week mortgage application volume rose 5.3 percent on a seasonally adjusted basis. The trends for the drivers of new housing starts are as important as the trends within residential real estate. Where you find money and jobs, you find a fruitful housing market.

In the Twin Cities region, for the week ending May 3:

 • New Listings increased 1.4% to 1,856
 • Pending Sales decreased 13.4% to 1,203
 • Inventory increased 2.6% to 14,688

For the month of April:

 • Median Sales Price increased 7.6% to $196,425
 • Days on Market decreased 8.2% to 89
 • Percent of Original List Price Received decreased 0.2% to 95.8%
 • Months Supply of Inventory remained flat at 3.4

Source:  Minneapolis Area Association of Realtors

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