For Week Ending August 1, 2015

According to a recent study, housing starts are expected to be slightly over a million for the U.S. in 2015, with more than half of those being single-family homes. New home sales are expected to increase by at least 20 percent compared to last year. An increase in housing starts hints at a state of homeostasis for the residential real estate market. More homes means more choices for buyers, from first-timers to upgraders.

In the Twin Cities region, for the week ending August 1:

• New Listings decreased 8.1% to 1,665
• Pending Sales increased 14.3% to 1,341
• Inventory decreased 10.1% to 17,183

For the month of July:

• Median Sales Price increased 4.7% to $225,000
• Days on Market decreased 7.4% to 63
• Percent of Original List Price Received increased 0.8% to 97.6%
• Months Supply of Inventory decreased 19.6% to 3.7

All comparisons are to 2014

Click here for the full Weekly Market Activity Report. From The Skinny Blog.