Weekly Market Update: December 29, 2014

Even though interest rates remain low, there is talk of homeownership numbers being at 20-year lows. Tight lending restrictions may be partly to blame for the dip in the number of people flocking to buy a home. A turnover of the trend could be possible in the new year, but during the weeks surrounding the big winter holidays, we all tend to have to play the wait-and-see game.

In the Twin Cities region, for the week ending December 20:

• New Listings increased 6.1% to 592

• Pending Sales decreased 1.3% to 689

• Inventory decreased 4.4% to 13,698

For the month of November:

• Median Sales Price increased 5.1% to $205,000

• Days on Market increased 5.3% to 79

• Percent of Original List Price Received decreased 0.7% to 94.7%

• Months Supply of Inventory increased 8.8% to 3.7

Source:  Minneapolis Area Association of Realtors