Housing markets across the nation have mostly reached full recovery and are even
approaching or achieving categorical highs in sales and prices, yet builders are still
focusing on higher-end homes over starter homes in order to combat high land and
building permit costs. Until there is more entry-level inventory on the market,
sustainable balance will be difficult.
In the Twin Cities region, for the week ending August 6:
• New Listings increased 2.3% to 1,795
• Pending Sales decreased 1.9% to 1,258
• Inventory decreased 17.7% to 14,495
For the month of July:
• Median Sales Price increased 6.6% to $239,900
• Days on Market decreased 14.3% to 54
• Percent of Original List Price Received increased 0.8% to 98.4%
• Months Supply of Homes For Sale decreased 21.1% to 3.0
Publish Date: August 15, 2016 • All comparisons are to 2015
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