For Week Ending September 22, 2018

Seven years ago, FICO conducted a survey of bankers that concluded that home prices would not recover until 2020. While roughly one million people are still considered underwater in terms of home value, many people would consider the housing industry to not only be fully recovered but flying forward toward unprecedented price points. While high prices may soon begin to turn buyers off, it will be interesting to see if there is a measurable slowdown in real estate activity versus a natural shift to balanced prices.

In the Twin Cities region, for the week ending September 22:

• New Listings increased 6.1% to 1,555
• Pending Sales increased 3.0% to 1,156
• Inventory decreased 5.3% to 12,632

For the month of August:

• Median Sales Price increased 6.3% to $268,000
• Days on Market decreased 16.7% to 40
• Percent of Original List Price Received increased 0.7% to 99.2%
• Months Supply of Inventory decreased 3.8% to 2.5

All comparisons are to 2017

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

For Week Ending September 15, 2018

The kids are tucked into schools, harvest festivals and fall equinox parties are underway, and residential real estate markets are entering a new season with strong fundamentals and healthy levels of activity. While it is sensible to monitor reputable news sources that report on housing with respectable statistics to back claims, it is also important to stay grounded in the reality that we continue to enjoy a prosperous time in real estate.

In the Twin Cities region, for the week ending September 15:

• New Listings increased 19.5% to 1,836
• Pending Sales increased 4.8% to 1,195
• Inventory decreased 6.3% to 12,475

For the month of August:

• Median Sales Price increased 6.3% to $268,000
• Days on Market decreased 16.7% to 40
• Percent of Original List Price Received increased 0.7% to 99.2%
• Months Supply of Inventory decreased 3.8% to 2.5

All comparisons are to 2017

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

For Week Ending September 8, 2018

Changing demographics, income levels, corporate growth and natural disasters all affect residential real estate markets. Home prices in Seattle and San Francisco have increased amidst e-commerce and technology success stories, while listings and sales decline precipitously when a hurricane strikes. This week, we are reminded of the destruction delivered by Hurricane Harvey to Houston at this time last year. From Katrina to Sandy to Maria to Florence, housing markets have bent but remain unbroken.

In the Twin Cities region, for the week ending September 8:

• New Listings increased 3.8% to 1,755
• Pending Sales decreased 2.3% to 1,048
• Inventory decreased 7.2% to 12,213

For the month of August:

• Median Sales Price increased 6.3% to $268,000
• Days on Market decreased 16.7% to 40
• Percent of Original List Price Received increased 0.7% to 99.2%
• Months Supply of Inventory decreased 3.8% to 2.5

All comparisons are to 2017

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

For Week Ending September 1, 2018

At this time of year, there tends to be a final push to get a housing deal done before a natural switch in focus toward the likes of back-to-school needs, home preparation for colder weather and even pre-planning for winter holiday and leisure travel. Although there doesn’t appear to be a huge national increase in sales compared to last year, there also isn’t any overt let-down. Residential real estate is healthy now and should continue to be healthy into the fall and winter seasons.

In the Twin Cities region, for the week ending September 1:

• New Listings decreased 1.4% to 1,291
• Pending Sales increased 0.4% to 1,217
• Inventory decreased 7.6% to 12,438

For the month of July:

• Median Sales Price increased 6.6% to $268,000
• Days on Market decreased 17.4% to 38
• Percent of Original List Price Received increased 0.7% to 99.8%
• Months Supply of Inventory decreased 7.4% to 2.5

All comparisons are to 2017

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

For Week Ending August 25, 2018

In both academic and conversational circles, more people are beginning to discuss 2018 as the end of the freewheeling days of residential real estate – with its high prices and fast sales, site unseen. Such a portrayal of the last several years of the housing market are sensationalistic at best, patently false at worst. It is true that median sales prices have risen and total days on market have lessened. This prevailing market trend has occurred gradually, and so shall the next trend.

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

• New Listings increased 12.5% to 1,686
• Pending Sales decreased 7.6% to 1,179
• Inventory decreased 9.0% to 12,378

For the month of July:

• Median Sales Price increased 6.6% to $268,000
• Days on Market decreased 17.4% to 38
• Percent of Original List Price Received increased 0.7% to 99.8%
• Months Supply of Inventory decreased 7.4% to 2.5

All comparisons are to 2017

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

For Week Ending August 18, 2018

It has been another busy summer for residential real estate. The lower supply, higher prices, faster sales mantra has remained in place for most of the nation for the entirety of the year – which heightened in intensity during the summer sales season – but there has been some conversation about the possibility of more supply and lower prices. Presently, it is just conversation, as the numbers are not reflective of a shift in trend lines anytime soon.

In the Twin Cities region, for the week ending August 18:

• New Listings increased 6.2% to 1,759
• Pending Sales decreased 10.2% to 1,215
• Inventory decreased 10.9% to 12,207

For the month of July:

• Median Sales Price increased 6.6% to $268,000
• Days on Market decreased 17.4% to 38
• Percent of Original List Price Received increased 0.7% to 99.8%
• Months Supply of Inventory decreased 11.1% to 2.4

All comparisons are to 2017

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

For Week Ending August 11, 2018

The U.S. housing market is becoming a tale of regions. Consumers in high-priced markets in the West are pushing back with fewer showings and sales. The Midwest is marked mostly by stability of new listings and sales with gently improving inventory. Many Northeast markets have routinely struggled to keep pace with the overall U.S. economic recovery. And the South is enjoying more showings and sales than the rest of the nation. Here’s what’s happening in the local market.

In the Twin Cities region, for the week ending August 11:

• New Listings increased 7.5% to 1,825
• Pending Sales decreased 2.5% to 1,242
• Inventory decreased 10.7% to 12,095

For the month of July:

• Median Sales Price increased 6.6% to $268,000
• Days on Market decreased 17.4% to 38
• Percent of Original List Price Received increased 0.7% to 99.8%
• Months Supply of Inventory decreased 11.1% to 2.4

All comparisons are to 2017

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

For Week Ending August 4, 2018

Competitive buyers vying for a somewhat limited number of homes for sale have helped prices continue to climb, frequently over the asking price. The latest recorded national unemployment rate of 3.9 percent is historically low and has served as a general indicator of a strong economy. To give a better idea of how good the unemployment situation is right now, we were looking at a historically low rate of 4.3 percent last year at this time.

In the Twin Cities region, for the week ending August 4:

• New Listings increased 1.8% to 1,844
• Pending Sales decreased 10.7% to 1,269
• Inventory decreased 11.4% to 11,989

For the month of June:

• Median Sales Price increased 5.3% to $271,000
• Days on Market decreased 16.7% to 40
• Percent of Original List Price Received increased 0.8% to 100.3%
• Months Supply of Inventory decreased 11.1% to 2.4

All comparisons are to 2017

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

For Week Ending July 28, 2018

The U.S. Labor Department reported that the economy added 157,000 jobs in July, marking 93 months in a row of job additions. Beginning in October 2010, that is the longest streak of monthly employment growth on record. The unemployment rate dropped to a historically low 3.9 percent, and wage growth remained at an annual rate of 2.7 percent. Meanwhile, escalating tariff conflicts with U.S. trade partners have not yet impacted the day-to-day housing market, but builders have indicated that lumber tariffs are increasing prices for new homes.

In the Twin Cities region, for the week ending July 28:

• New Listings increased 6.1% to 1,814
• Pending Sales increased 2.0% to 1,401
• Inventory decreased 12.5% to 11,959

For the month of June:

• Median Sales Price increased 5.3% to $271,000
• Days on Market decreased 16.7% to 40
• Percent of Original List Price Received increased 0.8% to 100.3%
• Months Supply of Inventory decreased 11.1% to 2.4

All comparisons are to 2017

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

For Week Ending July 21, 2018

Although talk of another real estate pricing bubble poised to burst is premature, pundits are nevertheless beginning to point toward the common markers that caused the last housing market downturn. As prices continue to rise while wages don’t rise as quickly, a new situation could be an eventuality. Yet today’s market is quite different than the last recession. The economy is growing, lending practices are more in line with economic fundamentals and inventory appears to be improving in many markets, which would help alleviate price pressure.

In the Twin Cities region, for the week ending July 21:

• New Listings increased 2.2% to 1,927
• Pending Sales decreased 3.1% to 1,336
• Inventory decreased 13.6% to 11,728

For the month of June:

• Median Sales Price increased 5.3% to $271,000
• Days on Market decreased 16.7% to 40
• Percent of Original List Price Received increased 0.8% to 100.3%
• Months Supply of Inventory decreased 11.1% to 2.4

All comparisons are to 2017

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