While existing home sales have recently been down, new home sales are picking up
across the nation, which, in turn, has coaxed an upward trend in building activity.
Buyers are still showing a willingness to pay higher prices, and there are signs that
many new homes being built are smaller starter homes, perfect for young adults
entering the market.
In the Twin Cities region, for the week ending August 20:
• New Listings increased 5.6% to 1,575
• Pending Sales increased 2.0% to 1,251
• Inventory decreased 17.3% to 14,559
For the month of July:
• Median Sales Price increased 6.6% to $239,900
• Days on Market decreased 14.3% to 54
• Percent of Original List Price Received increased 0.8% to 98.4%
• Months Supply of Homes For Sale decreased 21.1% to 3.0
Publish Date: August 29, 2016 • All comparisons are to 2015