For Week Ending October 1, 2016

As the struggle to maintain adequate inventory levels continues in much of the country, a number of influences have been named as factors in the housing shortage. One probable cause is the large decline in negative equity on homes that were bought before the recession. As prices continue to go up, those homes are either placed on the market and snatched up quickly or they may have even risen to a less affordable price for today’s home shoppers.

In the Twin Cities region, for the week ending October 1:

• New Listings increased 3.9% to 1,429
• Pending Sales decreased 4.0% to 1,066
• Inventory decreased 16.5% to 14,125

For the month of September:

• Median Sales Price increased 3.6% to $230,000
• Days on Market decreased 13.8% to 56
• Percent of Original List Price Received increased 0.9% to 97.5%
• Months Supply of Inventory decreased 20.0% to 2.8

All comparisons are to 2015

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

For Week Ending September 24, 2016

An increase in builder confidence could indicate an increase in construction starts in the near future, which would be great news in a time of continued supply constriction. As rents and sales prices throughout the country continue to rise, adding purchasable housing to the market mix over more rentals would help alleviate the inadequate inventory situation and potentially ease affordability for prospective buyers.

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

• New Listings increased 1.7% to 1,421
• Pending Sales increased 2.2% to 1,044
• Inventory decreased 16.5% to 14,244

For the month of August:

• Median Sales Price increased 5.6% to $237,500
• Days on Market decreased 14.1% to 55
• Percent of Original List Price Received increased 0.8% to 97.9%
• Months Supply of Inventory decreased 21.6% to 2.9

All comparisons are to 2015

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

For Week Ending September 17, 2016

As temperatures start to cool throughout the country, the total number of home sales will cool as well, as is the seasonal nature of the housing market. But with household incomes on the rise within a healthy job market, that doesn’t necessarily equate to a downward year-over-year trend. Continuing supply restrictions will certainly have an effect on numbers that may otherwise obviously point toward sunny day real estate.

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

• New Listings decreased 0.9% to 1,603
• Pending Sales decreased 1.5% to 1,079
• Inventory decreased 17.3% to 14,177

For the month of August:

• Median Sales Price increased 5.6% to $237,500
• Days on Market decreased 14.1% to 55
• Percent of Original List Price Received increased 0.8% to 97.9%
• Months Supply of Inventory decreased 21.6% to 2.9

All comparisons are to 2015

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