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For Week Ending July 27, 2019
As we await July results, the June numbers and preliminary July indicators suggest that current trends in most real estate markets are likely to continue. Mid-to-lower priced segments continue to experience imbalances favoring sellers, leading to steady year-over-year increases in price, outpacing inflation in many markets. Although the Fed rate decrease dominated the news this week, industry experts seem to agree this event by itself is unlikely to have much effect on mortgage rates and real estate markets, at least in the short term.
In the Twin Cities region, for the week ending July 27:
- New Listings decreased 4.7% to 1,736
- Pending Sales decreased 4.9% to 1,364
- Inventory decreased 3.0% to 12,236
For the month of June:
- Median Sales Price increased 7.2% to $290,000
- Days on Market increased 2.5% to 41
- Percent of Original List Price Received decreased 0.3% to 100.0%
- Months Supply of Homes For Sale increased 4.0% to 2.6
All comparisons are to 2018
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.
Despite strong buyer demand, sales totals are lower due to a lack of affordable supply
For Week Ending July 20, 2019
Residential real estate markets across the nation have been performing quite well at this point in the year in terms of home sales, price and inventory. Although not always true at every price point and home type in every geography, the general rule of thumb in 2019 as we stretch beyond the halfway point of the year has been a trend of relative market balance, which is a great thing for both real estate professionals and consumers.
In the Twin Cities region, for the week ending July 20:
- New Listings decreased 2.4% to 1,883
- Pending Sales decreased 3.6% to 1,342
- Inventory decreased 2.8% to 12,005
For the month of June:
- Median Sales Price increased 7.2% to $290,000
- Days on Market increased 2.5% to 41
- Percent of Original List Price Received decreased 0.3% to 100.0%
- Months Supply of Homes For Sale increased 4.0% to 2.6
All comparisons are to 2018
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.
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