For Week Ending July 28, 2018

The U.S. Labor Department reported that the economy added 157,000 jobs in July, marking 93 months in a row of job additions. Beginning in October 2010, that is the longest streak of monthly employment growth on record. The unemployment rate dropped to a historically low 3.9 percent, and wage growth remained at an annual rate of 2.7 percent. Meanwhile, escalating tariff conflicts with U.S. trade partners have not yet impacted the day-to-day housing market, but builders have indicated that lumber tariffs are increasing prices for new homes.

In the Twin Cities region, for the week ending July 28:

• New Listings increased 6.1% to 1,814
• Pending Sales increased 2.0% to 1,401
• Inventory decreased 12.5% to 11,959

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 11.1% to 2.4

All comparisons are to 2017

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

For Week Ending July 21, 2018

Although talk of another real estate pricing bubble poised to burst is premature, pundits are nevertheless beginning to point toward the common markers that caused the last housing market downturn. As prices continue to rise while wages don’t rise as quickly, a new situation could be an eventuality. Yet today’s market is quite different than the last recession. The economy is growing, lending practices are more in line with economic fundamentals and inventory appears to be improving in many markets, which would help alleviate price pressure.

In the Twin Cities region, for the week ending July 21:

• New Listings increased 2.2% to 1,927
• Pending Sales decreased 3.1% to 1,336
• Inventory decreased 13.6% to 11,728

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 11.1% to 2.4

All comparisons are to 2017

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

For Week Ending July 14, 2018

National indicators do not necessarily predict the local economy, but the national trends can be a reliable gauge for what is happening with local residential real estate. Case in point, the U.S. Bureau of Labor Statistics recently reported that unemployment is relatively unchanged since last month. Meanwhile, a national statistics release about housing starts indicates that housing starts are lower nationwide, even as consumer spending on home goods purchases and renovations are up.

In the Twin Cities region, for the week ending July 14:

• New Listings increased 11.4% to 2,209
• Pending Sales decreased 2.7% to 1,417
• Inventory decreased 14.4% to 11,384

For the month of June:

• Median Sales Price increased 5.2% to $270,750
• 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 11.1% to 2.4

All comparisons are to 2017

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