For Week Ending August 24, 2019

Lack of affordable inventory has been a key story in real estate in the last few years. There is a growing consensus suggesting the U.S. economy could be entering a recession, and some wonder whether this could lead to an adjustment in housing prices. However, this scenario is unlikely to make housing more affordable, as economic uncertainty is likely to discourage first-time home buyers and could make construction companies leary of building new homes.

In the Twin Cities region, for the week ending August 24:

• New Listings decreased 1.5% to 1,664
• Pending Sales increased 1.9% to 1,253
• Inventory decreased 3.9% to 12,501

For the month of July:

• Median Sales Price increased 5.8% to $283,420
• Days on Market remained flat at 38
• Percent of Original List Price Received decreased 0.1% to 99.7%
• Months Supply of Homes For Sale remained flat at 2.5

All comparisons are to 2018

Click here for the full Weekly Market Activity Report. From MAAR Market Data News.

For Week Ending August 17, 2019

As families across the U.S. enjoy the last few weeks of summer before the start of the school year, it seems that the real estate market is seeing an infusion of new energy that is partially offsetting the expected seasonal slowdown. Further decreases in housing inventory and month’s supply at the national level point to a moderate influx of new buyers, perhaps due to the allure of lower mortgage rates. It remains to be seen whether these trends will be affected by events in the general economy.

In the Twin Cities region, for the week ending August 17:

• New Listings decreased 2.9% to 1,712
• Pending Sales increased 3.9% to 1,316
• Inventory decreased 3.5% to 12,392

For the month of July:

• Median Sales Price increased 5.9% to $283,900
• Days on Market remained flat at 38
• Percent of Original List Price Received decreased 0.1% to 99.7%
• Months Supply of Homes For Sale remained flat at 2.5

All comparisons are to 2018

Click here for the full Weekly Market Activity Report. From MAAR Market Data News.

For Week Ending August 10, 2019

As July data roll in, more economists wonder whether we are seeing the signs of an economic slowdown. Yet that would not necessarily imply a slowdown in the housing market. While July’s existing home sales fell below analyst expectations, consumer confidence in housing reached new highs as mortgage rates dropped and more homeowners refinanced their homes. It remains to be seen whether growing confidence and lower rates will help boost home sales.

In the Twin Cities region, for the week ending August 10:

• New Listings decreased 2.1% to 1,794
• Pending Sales increased 3.8% to 1,342
• Inventory decreased 3.0% to 12,339

For the month of July:

• Median Sales Price increased 6.0% to $283,950
• Days on Market remained flat at 38
• Percent of Original List Price Received decreased 0.2% to 99.6%
• Months Supply of Homes For Sale remained flat at 2.5

All comparisons are to 2018

Click here for the full Weekly Market Activity Report. From MAAR Market Data News.

For Week Ending August 3, 2019

While financial markets are becoming more volatile in recent weeks, national and regional real estate indicators are sending mixed signals. For the first time in seventeen months, July pending sales saw moderate gains over the previous year nationally. At the same time, home prices continue to be at or near record levels in many markets as supply remains limited.

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

• New Listings increased 7.1% to 1,984
• Pending Sales decreased 1.0% to 1,341
• Inventory decreased 3.8% to 12,152

For the month of June:

• Median Sales Price increased 7.2% to $290,000
• Days on Market increased 2.5% to 41
• Percent of Original List Price Received decreased 0.3% to 100.0%
• Months Supply of Homes For Sale increased 4.0% to 2.6

All comparisons are to 2018

Click here for the full Weekly Market Activity Report. From MAAR Market Data News.

For Week Ending July 27, 2019

As we await July results, the June numbers and preliminary July indicators suggest that current trends in most real estate markets are likely to continue. Mid-to-lower priced segments continue to experience imbalances favoring sellers, leading to steady year-over-year increases in price, outpacing inflation in many markets. Although the Fed rate decrease dominated the news this week, industry experts seem to agree this event by itself is unlikely to have much effect on mortgage rates and real estate markets, at least in the short term.

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

• New Listings decreased 4.7% to 1,736
• Pending Sales decreased 4.9% to 1,364
• Inventory decreased 3.0% to 12,236

For the month of June:

• Median Sales Price increased 7.2% to $290,000
• Days on Market increased 2.5% to 41
• Percent of Original List Price Received decreased 0.3% to 100.0%
• Months Supply of Homes For Sale increased 4.0% to 2.6

All comparisons are to 2018

Click here for the full Weekly Market Activity Report. From MAAR Market Data News.

For Week Ending July 20, 2019

Residential real estate markets across the nation have been performing quite well at this point in the year in terms of home sales, price and inventory. Although not always true at every price point and home type in every geography, the general rule of thumb in 2019 as we stretch beyond the halfway point of the year has been a trend of relative market balance, which is a great thing for both real estate professionals and consumers.

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

• New Listings decreased 2.4% to 1,883
• Pending Sales decreased 3.6% to 1,342
• Inventory decreased 2.8% to 12,005

For the month of June:

• Median Sales Price increased 7.2% to $290,000
• Days on Market increased 2.5% to 41
• Percent of Original List Price Received decreased 0.3% to 100.0%
• Months Supply of Homes For Sale increased 4.0% to 2.6

All comparisons are to 2018

Click here for the full Weekly Market Activity Report. From MAAR Market Data News.