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.