According to statistics jointly released by the U.S. Census Bureau and the
Department of Housing and Urban Development, privately-owned housing starts
rose 0.2 percent when comparing July 2015 to the prior month and 10.1 percent
when compared to July 2014. These numbers are at the highest levels the market
has seen since October 2007. This bodes well for the eventual landing of a flock of
potential buyers currently holding in a rental pattern or the wakening of those
resting in extended parental basement hibernation.
In the Twin Cities region, for the week ending August 15:
• New Listings increased 3.1% to 1,746
• Pending Sales increased 18.9% to 1,268
• Inventory decreased 12.3% to 16,950
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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