As anticipated, the Federal Reserve did not change the target range for the federal funds rate (currently set at 2.25% to 2.5%) during their most recent meeting, but the door was left open for a possible rate reduction in 2019 following a string of increases over the last several years. Although the economy is still performing well due to low unemployment and solid retail sales, trade tensions, slowed manufacturing and meek business investments have created uncertainty.
In the Twin Cities region, for the week ending June 15:
- New Listings remained flat at 2,069
- Pending Sales decreased 2.0% to 1,463
- Inventory increased 1.0% to 11,687
For the month of May:
- Median Sales Price increased 5.2% to $285,000
- Days on Market decreased 4.3% to 45
- Percent of Original List Price Received decreased 0.2% to 100.0%
- Months Supply of Homes For Sale increased 4.3% to 2.4
All comparisons are to 2018
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.