As summer begins to wane, the total number of home sales will gradually drop like the leaves of fall. And although autumn is nearing, that doesn’t necessarily mean that the changing of the season will bring market chills. Because even as sales drop, sales prices are still mostly on the rise and inventory is stabilizing all across the country. And let’s not forget that lower sales figures are also due to fewer distressed properties on the market.
In the Twin Cities region, for the week ending August 23:
- New Listings increased 3.5% to 1,539
- Pending Sales increased 4.5% to 1,175
- Inventory increased 10.1% to 18,755
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.