Tuesday, September 1, 2015

Weekly Market Update: August 31, 2015

In numerous metropolitan markets across the country, the S&P/Case–Shiller HomePrice Index has indicated that home prices have risen during summer, confirming the trends evident by examining MLS data. That's no surprise from month to month, but it's also true in year-over-year comparisons. As ideal summer weather diverges toward autumn, we will begin to see some seasonal relaxation, but the market should still look positive when compared to last year. It's been another good year for residential real estate, and that is expected to continue.

In the Twin Cities region, for the week ending August 22:

 • New Listings decreased 3.1% to 1,490
 • Pending Sales increased 5.8% to 1,235
 • Inventory decreased 12.4% to 16,992

For the month of July:

 • Median Sales Price increased 4.7% to $225,000
 • Days on Market decreased 7.4% to 63
 • Percent of Original List Price Received increased 0.8% to 97.6%
 • Months Supply of Inventory decreased 19.6% to 3.7

Source:  Minneapolis Area Association of Realtors

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