Home prices are still rising and rates have increased incrementally. As the cement of market balance hardens, it has become more dependent on move-up and first- time home buyers. Even with tightened lending regulations, seller activity has broadened. The government shutdown should not have a major impact on national and local market housing recovery. But as we get deeper into the -ber months, it will be interesting to see if the year-over-year trends hold true, simply lessen in drama or give reason for pause.
In the Twin Cities region, for the week ending September 28:
- New Listings increased 10.3% to 1,449
- Pending Sales increased 12.2% to 1,106
- Inventory decreased 5.9% to 16,282
For the month of August:
- Median Sales Price increased 16.8% to $207,825
- Days on Market decreased 34.0% to 70
- Percent of Original List Price Received increased 2.0% to 97.0%
- Months Supply of Inventory decreased 15.9% to 3.7
Click here for the full Weekly Market Activity Report.From The Skinny.