With the holiday season in full swing, existing home sales rose for the second
straight month to the highest they have been since 2007. This was unexpected,
since prices are also at record highs and inventory is still consistently declining. As
both incomes and employment figures continue to improve, it would be a welcome
surprise to see sales trend higher through to the end of the year.
In the Twin Cities region, for the week ending November 19:
• New Listings increased 10.9% to 950
• Pending Sales increased 8.0% to 902
• Inventory decreased 19.7% to 11,975
For the month of October:
• Median Sales Price increased 6.5% to $230,000
• Days on Market decreased 14.3% to 60
• Percent of Original List Price Received increased 0.8% to 96.9%
• Months Supply of Homes For Sale decreased 21.2% to 2.6
Publish Date: November 28, 2016 • All comparisons are to 2015
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