Consumers are already starting to lean toward 2015, so let’s look ahead ourselves before we hit the weekly tabulations. With virtually no inflation to speak of, interest rates should remain low for the foreseeable future but could flirt with 5.0 percent toward the end of next year. Both new and existing inventory levels should rise – which is more of a continuation than a new development for many communities. Prices are also expected to increase but not by much, which should help first-time buyers. Job growth is likely to continue, and wage growth is expected to pick up.
In the Twin Cities region, for the week ending November 15:
- New Listings decreased 14.5% to 857
- Pending Sales decreased 1.6% to 749
- Inventory increased 3.5% to 16,692
For the month of October:
- Median Sales Price increased 6.7% to $208,000
- Days on Market decreased 4.0% to 72
- Percent of Original List Price Received decreased 0.6% to 95.2%
- Months Supply of Inventory increased 13.5% to 4.2
All comparisons are to 2013
Click here for the full Weekly Market Activity Report. From The Skinny Blog.