With the Olympics in full swing, many are noting that housing has already medaled in several arenas. Sellers waiting for firmer prices should take a fresh look at the data. Buyers nervous about a declining market should do the same. Key changes continue to take place that set the stage for a more meaningful recovery. And you thought interest rates couldn’t get any lower? Mortgage rates hit a fresh record low last week, scraping in at 3.65 percent on a 30-year fixed. That’s cheap money, if ever there were such a thing.
In the Twin Cities region, for the week ending July 21:
- New Listings increased 1.2% to 1,382
- Pending Sales increased 22.7% to 1,145
- Inventory decreased 30.7% to 17,174
For the month of June:
- Median Sales Price increased 10.3% to $178,750
- Days on Market decreased 22.0% to 113
- Percent of Original List Price Received increased 4.0% to 95.1%
- Months Supply of Inventory decreased 43.0% to 4.5
