On a national level, home prices have dipped slightly. Instead of freaking out about this on 24-hour cable news channels, analysts are happy to see more sustainable trends settling into the U.S. housing market. With slower, healthier price growth, homeowners will have the opportunity to steadily build equity while buyers won’t be priced out of the market. Price normalization is not a negative trend, but rather a sign of stabilization and market athleticism.
In the Twin Cities region, for the week ending August 9:
- New Listings increased 8.7% to 1,794
- Pending Sales decreased 1.3% to 1,157
- Inventory increased 9.6% to 18,494
For the month of July:
- Median Sales Price increased 3.4% to $215,000
- Days on Market decreased 5.6% to 68
- Percent of Original List Price Received decreased 0.7% to 96.8%
- Months Supply of Inventory increased 15.8% to 4.4
All comparisons are to 2013
Click here for the full Weekly Market Activity Report. From The Skinny Blog.