As we know, declining inventory has been the central focus of real estate news
throughout the first half of the year. The lack of options of homes for sale seems to
be keeping many from selling and instead, staying and renovating. This, in turn,
leads to a lack of starter homes for first-time buyers. Sales are still climbing ever
upward, and low mortgage rates continue to aid affordability.
In the Twin Cities region, for the week ending June 25:
• New Listings increased 2.2% to 1,907
• Pending Sales decreased 6.0% to 1,336
• Inventory decreased 19.0% to 14,294
For the month of May:
• Median Sales Price increased 5.8% to $236,900
• Days on Market decreased 21.1% to 60
• Percent of Original List Price Received increased 1.1% to 98.6%
• Months Supply of Homes For Sale decreased 26.3% to 2.8
Publish Date: July 5, 2016 • All comparisons are to 2015
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