For Week Ending July 7, 2018

As prices persistently rise and months of supply decrease in year-over-year comparisons, it continues to be an ideal time for more sellers to enter the market. Across the U.S., inventory levels are still lagging behind last year, but new listings have perked up nicely so far this year. This has been coupled with many announced new home-building projects across the nation and a more positive tone from the building community.

In the Twin Cities region, for the week ending July 7:

• New Listings decreased 14.6% to 1,192
• Pending Sales decreased 10.6% to 1,018
• Inventory decreased 14.6% to 11,344

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 14.8% to 2.3

All comparisons are to 2017

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

For Week Ending June 30, 2018

The unemployment rate rose to 4.0 percent in June 2018, marking the first increase in nearly a year. Economic forecasters are calling this a healthy increase indicative of more people being counted as entering the work force in an exceptional job market that added more than 213,000 paying jobs in June. Strong demand for workers combined with low supply creates upward pressure on wages. Employed people with higher wages are generally good for residential real estate.

In the Twin Cities region, for the week ending June 30:

• New Listings increased 15.1% to 1,864
• Pending Sales increased 1.1% to 1,519
• Inventory decreased 16.5% to 11,374

For the month of May:

• Median Sales Price increased 8.3% to $270,750
• Days on Market decreased 9.6% to 47
• Percent of Original List Price Received increased 0.7% to 100.2%
• Months Supply of Inventory decreased 12.0% to 2.2

All comparisons are to 2017

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

For Week Ending June 23, 2018

The first half of the year in residential real estate fared as expected, with the most obvious markers continuing to be low inventory and higher prices. We are also seeing decreased affordability in many markets coupled with more urgency (lower days on market) and increased purchase offers (higher pending sales) ahead of perceived future rate increases that have not yet materialized in the wake of the 0.25 percent increase in the federal funds rate. All of this makes for a busy summer. Let’s examine the local market.

In the Twin Cities region, for the week ending June 23:

• New Listings increased 1.3% to 1,987
• Pending Sales decreased 3.7% to 1,437
• Inventory decreased 16.8% to 11,171

For the month of May:

• Median Sales Price increased 8.4% to $271,000
• Days on Market decreased 9.6% to 47
• Percent of Original List Price Received increased 0.7% to 100.2%
• Months Supply of Inventory decreased 12.0% to 2.2

All comparisons are to 2017

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

For Week Ending June 16, 2018

Sales across the nation have risen not only because this time of year typically offers an increase in residential real estate activity, but because this year in particular has proven to have strong economic and market conditions. While it’s still true that prices are rising and inventory is tightening, these long-standing trends have been happening gradually enough to not deter those who are serious about becoming homeowners.

In the Twin Cities region, for the week ending June 16:

• New Listings increased 10.1% to 2,057
• Pending Sales decreased 4.3% to 1,420
• Inventory decreased 18.0% to 10,898

For the month of May:

• Median Sales Price increased 8.4% to $271,000
• Days on Market decreased 9.6% to 47
• Percent of Original List Price Received increased 0.7% to 100.2%
• Months Supply of Inventory decreased 12.0% to 2.2

All comparisons are to 2017

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

For Week Ending June 9, 2018

The Federal Reserve recently increased the federal funds rate by 0.25 percent, marking the second rate hike this year and seventh since late 2015. Two more 0.25 percent increases are expected by the end of the year. The 30-year mortgage rate did not increase, yet Fed action can have an indirect effect on the housing market. Buyers often react by trying to lock in at the current rate ahead of assumed future higher rates. Educating consumers that the Fed rate and mortgage rates are not the same can help curb panic buying.

In the Twin Cities region, for the week ending June 9:

• New Listings decreased 2.7% to 2,094
• Pending Sales decreased 4.1% to 1,450
• Inventory decreased 18.5% to 10,623

For the month of May:

• Median Sales Price increased 8.4% to $271,000
• Days on Market decreased 9.6% to 47
• Percent of Original List Price Received increased 0.7% to 100.2%
• Months Supply of Inventory decreased 12.0% to 2.2

All comparisons are to 2017

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