Normalization is the word of the day when describing real estate markets these days. Market recovery has taken hold in most parts of the nation, and as those markets approach prior peaks, price growth may come in line with more normal historical levels. In the short-term, this may mean some metrics exhibit year-over- year declines, but the long-term trend is still higher. While everyone is entitled to their theories, the slow-but-steady path we’ve seen in recent months is beginning to match a pattern we have seen for decades.
In the Twin Cities region, for the week ending September 6:
- New Listings increased 9.0% to 1,653
- Pending Sales increased 1.4% to 879
- Inventory increased 9.7% to 18,320
For the month of August:
- Median Sales Price increased 5.3% to $219,000
- Days on Market decreased 2.9% to 68
- Percent of Original List Price Received decreased 0.7% to 96.3%
- 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.