While the U.S. Commerce Department reported that total housing starts dropped 9.4% month over month in September, that drop was focused on the apartment and condo segment while single-family housing starts actually rose .3%. Throughout much of the country, the continued low level of housing inventory is constraining sales activity from where it would be in a balanced market. Active inventory is in its normal seasonal decline, leaving buyers with fewer choices as we move towards the end of the year.
In the Twin Cities region, for the week ending October 19:
• New Listings decreased 6.1% to 1,309
• Pending Sales increased 6.5% to 1,138
• Inventory decreased 3.7% to 12,440
For the month of September:
• Median Sales Price increased 6.6% to $279,250
• Days on Market increased 2.4% to 43
• Percent of Original List Price Received increased 0.1% to 98.5%
• Months Supply of Homes For Sale decreased 3.7% to 2.6
All data from NorthstarMLS. Provided by Minneapolis Area REALTORS®. Report © 2019 ShowingTime.