Home prices have surged higher in recent months across much of the country. The National Association of REALTORS® reported that their preliminary figures for August show the median sales price of existing single-family homes nationwide rose to $315,000, up $33,100 from a year ago. While mortgage rates have declined in the last year, the increase in home prices has largely erased the benefit of those lower rates.
In the Twin Cities region, for the week ending October 17:
• New Listings increased 15.3% to 1,533
• Pending Sales increased 21.1% to 1,441
• Inventory decreased 29.8% to 9,125
For the month of September:
• Median Sales Price increased 10.8% to $310,000
• Days on Market decreased 15.9% to 37
• Percent of Original List Price Received increased 2.0% to 100.5%
• Months Supply of Homes For Sale decreased 33.3% to 1.8
All data from NorthstarMLS. Provided by Minneapolis Area REALTORS®. Report © 2020 ShowingTime.