We are within one of the most affordable home-buying environments in history, but prices are up and rates may well go up, too. Rising prices provide empirical evidence of healthy demand. If inventory is able to replenish itself over the course of the next several months, sales could break up the sluggishness seen in some markets. There are those who believe that millennial buyers are being seduced away from homeownership by the agility of urban renting. That doesn’t appear to be the case. Housing is enjoying brisk activity, and people are talking positively about residential real estate again.
In the Twin Cities region, for the week ending July 12:
- New Listings increased 8.7% to 2,091
- Pending Sales decreased 8.4% to 1,231
- Inventory increased 7.8% to 17,606
For the month of June:
- Median Sales Price increased 4.7% to $219,900
- Days on Market decreased 6.8% to 69
- Percent of Original List Price Received decreased 0.3% to 97.2%
- Months Supply of Inventory increased 10.5% to 4.2
All comparisons are to 2013
Click here for the full Weekly Market Activity Report. From The Skinny.