For Week Ending August 31, 2019

Recent mortgage rate declines may provide a small tailwind as we enter the fall housing market, giving buyers a bit more buying power and a little more incentive to lock in a home purchase. However, stock market volatility and concern of a wider economic slowdown in the coming year may temper some buyer enthusiasm. But as rents continue to rise, the value proposition of owning a home remains a compelling option and a goal of most Americans.

In the Twin Cities region, for the week ending August 31:

• New Listings increased 4.9% to 1,359
• Pending Sales decreased 3.1% to 1,250
• Inventory decreased 4.4% to 12,498

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 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.