Archives for July 2021
For Week Ending July 17, 2021
Cash buyers continue to make up a significant portion of the U.S. housing market, with nearly one-third of home sales this year being all-cash purchases. Although investors make up a considerable number of cash sales transactions, the increasing availability of remote work during the pandemic has allowed some homeowners to sell their homes in pricey markets and relocate to less-expensive locales, where they’re able to pay cash for a new home, giving them an edge in a highly competitive market.
In the Twin Cities region, for the week ending July 17:
- New Listings increased 3.1% to 1,909
- Pending Sales decreased 12.0% to 1,422
- Inventory decreased 29.0% to 7,106
For the month of June:
- Median Sales Price increased 14.8% to $350,000
- Days on Market decreased 52.4% to 20
- Percent of Original List Price Received increased 4.5% to 104.1%
- Months Supply of Homes For Sale decreased 42.9% to 1.2
All comparisons are to 2020
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.
The increase in sales prices comes with a slight decline in existing home sales nationwide, as homebuyers struggle with declining affordability amid a lack of inventory, forcing some buyers to simply wait it out in hopes of more inventory and less competition.
