Sales have been brisk this summer, as the largest living generation in the U.S., the
Millennials, enters the housing market in droves. Student loan debt is still a
hindrance for many, but that has often been offset by continued low rates allowing
for lower monthly mortgage payments. With rents on the rise, conditions for further
sales are good, although, traditionally, the second half of summer is not as active as
the first half.
In the Twin Cities region, for the week ending July 9:
• New Listings decreased 23.2% to 1,649
• Pending Sales decreased 20.4% to 1,033
• Inventory decreased 18.5% to 14,104
For the month of June:
• Median Sales Price increased 5.3% to $242,000
• Days on Market decreased 16.7% to 55
• Percent of Original List Price Received increased 1.0% to 98.7%
• Months Supply of Homes For Sale decreased 23.7% to 2.9
Publish Date: July 18, 2016 • All comparisons are to 2015
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