For Week Ending August 27, 2016

If residential real estate were a wager to close out the summer golf season, prospective buyers would still be waiting impatiently for prospective sellers to take the putt on the final hole. Yet inventory continues to shrink, as summer vacations end and kids return to school. If the taken putt were to somehow land in the cup and increase inventory, a legendary celebration would occur that might even make a golf course gopher dance.

In the Twin Cities region, for the week ending August 27:

• New Listings decreased 8.0% to 1,411
• Pending Sales increased 0.3% to 1,174
• Inventory decreased 17.0% to 14,454

For the month of July:

• Median Sales Price increased 6.6% to $239,900
• Days on Market decreased 14.3% to 54
• Percent of Original List Price Received increased 0.8% to 98.4%
• Months Supply of Inventory decreased 21.1% to 3.0

All comparisons are to 2015

Click here for the full Weekly Market Activity Report. From The Skinny Blog.

For Week Ending August 20, 2016

While existing home sales have recently been down, new home sales are picking up across the nation, which, in turn, has coaxed an upward trend in building activity. Buyers are still showing a willingness to pay higher prices, and there are signs that many new homes being built are smaller starter homes, perfect for young adults entering the market.

In the Twin Cities region, for the week ending August 20:

• New Listings increased 5.6% to 1,575
• Pending Sales increased 2.0% to 1,251
• Inventory decreased 17.3% to 14,559

For the month of July:

• Median Sales Price increased 6.6% to $239,900
• Days on Market decreased 14.3% to 54
• Percent of Original List Price Received increased 0.8% to 98.4%
• Months Supply of Inventory decreased 21.1% to 3.0

All comparisons are to 2015

Click here for the full Weekly Market Activity Report. From The Skinny Blog.

For Week Ending August 13, 2016

Residential construction, builder confidence and housing starts have all been up in recent months, creating a triple dose of good news as the country begins the inevitable home sales slowdown following the busy spring and summer seasons. The news creates hope that buyer traffic could maintain at a sufficient level over the last several months of the year.

In the Twin Cities region, for the week ending August 13:

• New Listings decreased 5.5% to 1,651
• Pending Sales decreased 2.8% to 1,229
• Inventory decreased 17.3% to 14,521

For the month of July:

• Median Sales Price increased 6.6% to $239,900
• Days on Market decreased 14.3% to 54
• Percent of Original List Price Received increased 0.8% to 98.4%
• Months Supply of Inventory decreased 21.1% to 3.0

All comparisons are to 2015

Click here for the full Weekly Market Activity Report. From The Skinny Blog.

For Week Ending August 6, 2016

Housing markets across the nation have mostly reached full recovery and are even approaching or achieving categorical highs in sales and prices, yet builders are still focusing on higher-end homes over starter homes in order to combat high land and building permit costs. Until there is more entry-level inventory on the market, sustainable balance will be difficult.

In the Twin Cities region, for the week ending August 6:

• New Listings increased 2.3% to 1,795
• Pending Sales decreased 1.9% to 1,258
• Inventory decreased 17.7% to 14,495

For the month of July:

• Median Sales Price increased 6.6% to $239,900
• Days on Market decreased 14.3% to 54
• Percent of Original List Price Received increased 0.8% to 98.4%
• Months Supply of Inventory decreased 21.1% to 3.0

All comparisons are to 2015

Click here for the full Weekly Market Activity Report. From The Skinny Blog.

For Week Ending July 30, 2016

It’s only August, but this time during summer usually means making plans for changes ahead, especially the start of a new school year. For potential home buyers with school-aged children, these are the pivotal days for deciding whether or not to purchase or wait. With inventory as low as it is, we are in a place where big moves will be made or saved for later, and sales figures will reflect as much.

In the Twin Cities region, for the week ending July 30:

• New Listings increased 3.3% to 1,723
• Pending Sales decreased 4.6% to 1,289
• Inventory decreased 18.0% to 14,588

For the month of July:

• Median Sales Price increased 6.6% to $239,900
• Days on Market decreased 15.9% to 53
• Percent of Original List Price Received increased 0.8% to 98.4%
• Months Supply of Inventory decreased 23.7% to 2.9

All comparisons are to 2015

Click here for the full Weekly Market Activity Report. From The Skinny Blog.

For Week Ending July 23, 2016

Homes are selling faster now than they have in the past six to seven years, resulting in the need for buyers to move quickly on a home purchase. Although high prices usually encourage more sellers to come forth, people have proven hesitant to put their homes on the market due to concerns about being able to find their own new and reasonably priced home.

In the Twin Cities region, for the week ending July 23:

• New Listings increased 1.3% to 1,826
• Pending Sales decreased 4.6% to 1,298
• Inventory decreased 18.0% to 14,546

For the month of June:

• Median Sales Price increased 5.3% to $242,000
• Days on Market decreased 16.7% to 55
• Percent of Original List Price Received increased 1.0% to 98.7%
• Months Supply of Inventory decreased 23.7% to 2.9

All comparisons are to 2015

Click here for the full Weekly Market Activity Report. From The Skinny Blog.

For Week Ending July 16, 2016

Tight credit seemed to be a factor in keeping new home construction down during the first half of 2016, but the situation is improving. June housing starts were up 4.8% from the month prior, as building recovers slowly from the housing bust. This is news we’re happy to report, especially when taking the continuing concern of high demand and low inventory into consideration.

In the Twin Cities region, for the week ending July 16:

• New Listings increased 8.0% to 1,896
• Pending Sales increased 10.6% to 1,332
• Inventory decreased 18.4% to 14,376

For the month of June:

• Median Sales Price increased 5.3% to $242,000
• Days on Market decreased 15.2% to 56
• Percent of Original List Price Received increased 0.9% to 98.6%
• Months Supply of Inventory decreased 23.7% to 2.9

All comparisons are to 2015

Click here for the full Weekly Market Activity Report. From The Skinny Blog.

For Week Ending July 9, 2016

Sales have been brisk this summer, as the largest living generation in the U.S., the Millennials, enters the housing market in droves. Student loan debt is still a hindrance for many, but that has often been offset by continued low rates allowing for lower monthly mortgage payments. With rents on the rise, conditions for further sales are good, although, traditionally, the second half of summer is not as active as the first half.

In the Twin Cities region, for the week ending July 9:

• New Listings decreased 23.2% to 1,649
• Pending Sales decreased 20.4% to 1,033
• Inventory decreased 18.5% to 14,104

For the month of June:

• Median Sales Price increased 5.3% to $242,000
• Days on Market decreased 16.7% to 55
• Percent of Original List Price Received increased 1.0% to 98.7%
• Months Supply of Inventory decreased 23.7% to 2.9

All comparisons are to 2015

Click here for the full Weekly Market Activity Report. From The Skinny Blog.

For Week Ending July 2, 2016

The United Kingdom vote for exit from the European Union (Brexit) has likely already had at least one short-term effect on the U.S. housing market. The decision to not raise interest rates until later this year was likely made because of Brexit, so unrest in financial markets can be watched further with hopes of stabilization. Long-term effects may include more or less foreign investment in U.S. residential real estate, but wholesale price declines are not expected any time soon.

In the Twin Cities region, for the week ending July 2:

• New Listings increased 24.2% to 1,589
• Pending Sales increased 12.9% to 1,351
• Inventory decreased 17.7% to 14,480

For the month of June:

• Median Sales Price increased 5.3% to $242,000
• Days on Market decreased 16.7% to 55
• Percent of Original List Price Received increased 1.0% to 98.7%
• Months Supply of Inventory decreased 23.7% to 2.9

All comparisons are to 2015

Click here for the full Weekly Market Activity Report. From The Skinny Blog.

For Week Ending June 25, 2016

As we know, declining inventory has been the central focus of real estate news throughout the first half of the year. The lack of options of homes for sale seems to be keeping many from selling and instead, staying and renovating. This, in turn, leads to a lack of starter homes for first-time buyers. Sales are still climbing ever upward, and low mortgage rates continue to aid affordability.

In the Twin Cities region, for the week ending June 25:

• New Listings increased 2.2% to 1,907
• Pending Sales decreased 6.0% to 1,336
• Inventory decreased 19.0% to 14,294

For the month of May:

• Median Sales Price increased 5.8% to $236,900
• Days on Market decreased 21.1% to 60
• Percent of Original List Price Received increased 1.1% to 98.6%
• Months Supply of Inventory decreased 26.3% to 2.8

All comparisons are to 2015

Click here for the full Weekly Market Activity Report. From The Skinny Blog.