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Weekly Market Report

May 12, 2014 by Adam Tita

Market normalization and an improved product mix is presented as housing weakness by some. However, price increases, demand and an improving national economic scene paint a brighter housing landscape. According to the Mortgage Bankers Association, total week-over-week mortgage application volume rose 5.3 percent on a seasonally adjusted basis. The trends for the drivers of new housing starts are as important as the trends within residential real estate. Where you find money and jobs, you find a fruitful housing market.

In the Twin Cities region, for the week ending May 3:

  • New Listings increased 1.4% to 1,856
  • Pending Sales decreased 13.4% to 1,203
  • Inventory increased 2.6% to 14,688

For the month of April:

  • Median Sales Price increased 7.6% to $196,425
  • Days on Market decreased 8.2% to 89
  • Percent of Original List Price Received decreased 0.2% to 95.8%
  • Months Supply of Inventory remained flat at 3.4

All comparisons are to 2013

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

Filed Under: Weekly Report

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All information deemed reliable but not guaranteed and should be independently verified.
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