The national economy continues to show reason for optimism, and the residential
real estate market has taken the cue to react positively. As mortgage rates hover
along the lowest marks seen in decades and affordability remains relatively high,
more people would seemingly have an opportunity to buy a home. Sales
figures have been showing that buyers are still active, but inventory figures are
starting to show that sellers are, as a unit, lagging and possibly waiting until next
spring to get into the action.
In the Twin Cities region, for the week ending September 26:
• New Listings decreased 2.7% to 1,390
• Pending Sales increased 9.0% to 1,021
• Inventory decreased 14.6% to 16,529
For the month of August:
• Median Sales Price increased 2.7% to $224,900
• Days on Market decreased 5.9% to 64
• Percent of Original List Price Received increased 0.8% to 97.1%
• Months Supply of Inventory decreased 21.7% to 3.6
Source: Minneapolis Area Association of Realtors
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