For Week Ending July 23, 2016

Homes are selling faster now than they have in the past six to seven years, resulting in the need for buyers to move quickly on a home purchase. Although high prices usually encourage more sellers to come forth, people have proven hesitant to put their homes on the market due to concerns about being able to find their own new and reasonably priced home.

In the Twin Cities region, for the week ending July 23:

• New Listings increased 1.3% to 1,826
• Pending Sales decreased 4.6% to 1,298
• Inventory decreased 18.0% to 14,546

For the month of June:

• Median Sales Price increased 5.3% to $242,000
• Days on Market decreased 16.7% to 55
• Percent of Original List Price Received increased 1.0% to 98.7%
• Months Supply of Inventory decreased 23.7% to 2.9

All comparisons are to 2015

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