Supply and demand drive housing prices, and this basic economic tenet has been
in the spotlight recently, as inventory remains low across the country while prices
continue to edge up in many locales. Cash investment has gobbled up supply in
some regions, while a lack of new construction has hit the supply side in others.
The truth remains that there is still healthy demand in most corners. Every market
and situation is unique, so let's track the listings and sales for the week in your
area.
In the Twin Cities region, for the week ending October 10:
• New Listings increased 2.5% to 1,453
• Pending Sales increased 13.0% to 1,053
• Inventory decreased 14.7% to 16,048
For the month of September:
• Median Sales Price increased 8.3% to $222,000
• Days on Market decreased 8.5% to 65
• Percent of Original List Price Received increased 1.0% to 96.6%
• Months Supply of Inventory decreased 26.1% to 3.4
Source: Minneapolis Area Association of Realtors
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