Residential new construction activity continues to rise nationally. The U.S. Commerce Department reports that new housing permits rose 5% in October to a new 12-year high of 1.46 million units. Lawrence Yun, the National Association of REALTORS® chief economist, called the latest figures “tremendously good news for the housing sector.” With builder sentiment and buyer activity remaining strong, it is widely expected that new construction will continue to remain brisk in the coming months.
In the Twin Cities region, for the week ending November 23:
• New Listings increased 74.1% to 928
• Pending Sales increased 39.8% to 966
• Inventory decreased 6.6% to 10,724
For the month of October:
• Median Sales Price increased 5.7% to $280,000
• Days on Market decreased 4.2% to 46
• Percent of Original List Price Received increased 0.1% to 98.1%
• Months Supply of Homes For Sale decreased 4.0% to 2.4
Publish Date: December 2, 2019 • All comparisons are to 2018 All data from NorthstarMLS. Provided by Minneapolis Area REALTORS®. Report © 2019 ShowingTime.