During a point in time when record-low mortgage rates should be coercing new
home buyers into the market, many potential first-time buyers are seemingly not
able to afford what is on the market. As labor costs and demand grow, and as a
construction labor shortage continues, builders tend toward building more
expensive homes, creating a tight supply of entry-level homes. Not all situations
match this scenario, but it is certainly an interesting time in the residential real
estate marketplace.
In the Twin Cities region, for the week ending September 10:
• New Listings increased 11.0% to 1,722
• Pending Sales decreased 2.0% to 954
• Inventory decreased 17.4% to 14,011
For the month of August:
• Median Sales Price increased 5.6% to $237,500
• Days on Market decreased 14.1% to 55
• Percent of Original List Price Received increased 0.8% to 97.9%
• Months Supply of Homes For Sale decreased 24.3% to 2.8
Publish Date: September 19, 2016 • All comparisons are to 2015
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