According to a recent study, housing starts are expected to be slightly over a
million for the U.S. in 2015, with more than half of those being single-family
homes. New home sales are expected to increase by at least 20 percent
compared to last year. An increase in housing starts hints at a state of
homeostasis for the residential real estate market. More homes means more
choices for buyers, from first-timers to upgraders.
In the Twin Cities region, for the week ending August 1:
• New Listings decreased 8.1% to 1,665
• Pending Sales increased 14.3% to 1,341
• Inventory decreased 10.1% to 17,183
For the month of July:
• Median Sales Price increased 4.7% to $225,000
• Days on Market decreased 7.4% to 63
• Percent of Original List Price Received increased 0.8% to 97.6%
• Months Supply of Inventory decreased 19.6% to 3.7
Source: Minneapolis Area Association of Realtors
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