We enter the fourth quarter of the year knowing that the share of first-time home
buyers rose for the first time in approximately three years. This fact is driven
primarily by healthy job growth, but we need to see more homes entering the
market in order to combat the low inventory struggle witnessed during the entirety
of 2016.
In the Twin Cities region, for the week ending October 29:
• New Listings decreased 6.1% to 1,031
• Pending Sales increased 4.2% to 966
• Inventory decreased 16.9% to 13,299
For the month of September:
• Median Sales Price increased 3.6% to $230,000
• Days on Market decreased 13.8% to 56
• Percent of Original List Price Received increased 0.9% to 97.5%
• Months Supply of Homes For Sale decreased 17.1% to 2.9
Publish Date: November 7, 2016 • All comparisons are to 2015
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