Over the course of the year, we've cleverly devised new tactics each week to communicate just how far the market has come. This week is no exception. Most level-headed housing advocates agree that lower residential vacancy rates are a good thing. Well, chalk one up for level-headed housing advocates, because Reuters just reported that the U.S. residential vacancy rate fell to 1.9 percent in the third quarter. That's the lowest level in seven years. It's just the latest installment of overwhelming bullish housing news.
In the Twin Cities region, for the week ending October 27:
• New Listings decreased 3.0% to 1,037
• Pending Sales increased 11.1% to 914
• Inventory decreased 28.8% to 15,700
For the month of September:
• Median Sales Price increased 12.7% to $174,625
• Days on Market decreased 28.5% to 101
• Percent of Original List Price Received increased 4.1% to 94.8%
• Months Supply of Inventory decreased 38.8% to 4.1
Source: Minneapolis Area Association of Realtors
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