Weekly Market Update: December 1, 2014

Amidst frantic shopping for all the things between turkey and toys, the economy has made a surprising statement, offering big gains over the last six months not seen since mid-2003. As we head into the final stretch of the fourth quarter, mortgage rates remain fairly stable, with the 30-year fixed rate mortgage still hovering below 4 percent.

In the Twin Cities region, for the week ending November 22:

• New Listings decreased 3.5% to 862

• Pending Sales decreased 2.7% to 802

• Inventory increased 1.6% to 16,122

For the month of October:

• Median Sales Price increased 6.7% to $208,000

• Days on Market decreased 4.0% to 72

• Percent of Original List Price Received decreased 0.6% to 95.2%

• Months Supply of Inventory increased 13.5% to 4.2

Source:  Minneapolis Area Association of Realtors