The United Kingdom vote for exit from the European Union (Brexit) has likely
already had at least one short-term effect on the U.S. housing market. The decision
to not raise interest rates until later this year was likely made because of Brexit, so
unrest in financial markets can be watched further with hopes of stabilization. Longterm
effects may include more or less foreign investment in U.S. residential real
estate, but wholesale price declines are not expected any time soon.
In the Twin Cities region, for the week ending July 2:
• New Listings increased 24.2% to 1,589
• Pending Sales increased 12.9% to 1,351
• Inventory decreased 17.7% to 14,480
For the month of June:
• Median Sales Price increased 5.3% to $242,000
• Days on Market decreased 16.7% to 55
• Percent of Original List Price Received increased 1.0% to 98.7%
• Months Supply of Homes For Sale decreased 23.7% to 2.9
Publish Date: July 11, 2016 • All comparisons are to 2015
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