Tight credit seemed to be a factor in keeping new home construction down during
the first half of 2016, but the situation is improving. June housing starts were up
4.8% from the month prior, as building recovers slowly from the housing bust.
This is news we’re happy to report, especially when taking the continuing concern
of high demand and low inventory into consideration.
In the Twin Cities region, for the week ending July 16:
• New Listings increased 8.0% to 1,896
• Pending Sales increased 10.6% to 1,332
• Inventory decreased 18.4% to 14,376
For the month of June:
• Median Sales Price increased 5.3% to $242,000
• Days on Market decreased 15.2% to 56
• Percent of Original List Price Received increased 0.9% to 98.6%
• Months Supply of Homes For Sale decreased 23.7% to 2.9
Publish Date: July 25, 2016 • All comparisons are to 2015