Recent data would suggest that inflation is mostly under control, which hopefully indicates that the Federal Reserve will have enough room to comfortably maintain its accommodative monetary policy stance. So rather than losing momentum, the housing market has found even sturdier ground upon which it can sustain itself. With economic strength and increased consumer confidence, expectations of more inventory and more sales is not out of line.
In the Twin Cities region, for the week ending August 16:
• New Listings increased 3.3% to 1,697
• Pending Sales decreased 6.6% to 1,081
• Inventory increased 9.7% to 18,648
For the month of July:
• Median Sales Price increased 3.4% to $215,000
• Days on Market decreased 5.6% to 68
• Percent of Original List Price Received decreased 0.7% to 96.8%
• Months Supply of Inventory increased 15.8% to 4.4
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