A fellow named Newton once said that a body in motion tends to stay in motion. Presently, the housing market is going to be in a state of anti-motion, otherwise known as inertia. Each year, the activity around Independence Day collides with market trends because the summer holiday season ends up being more about family fun than housing fuss. As the market shifts from under us, things like historically low interest rates and rising rents cause pause for those with a clear idea of what they want despite the lack of funding to achieve it.
In the Twin Cities region, for the week ending June 29:
- New Listings increased 22.8% to 1,738
- Pending Sales increased 22.4% to 1,405
- Inventory decreased 16.8% to 15,405
For the month of June:
- Median Sales Price increased 17.5% to $210,000
- Days on Market decreased 33.6% to 75
- Percent of Original List Price Received increased 2.5% to 97.5%
- Months Supply of Inventory decreased 27.1% to 3.5
Click here for the full Weekly Market Activity Report.From The Skinny.