For Week Ending July 14, 2018

National indicators do not necessarily predict the local economy, but the national trends can be a reliable gauge for what is happening with local residential real estate. Case in point, the U.S. Bureau of Labor Statistics recently reported that unemployment is relatively unchanged since last month. Meanwhile, a national statistics release about housing starts indicates that housing starts are lower nationwide, even as consumer spending on home goods purchases and renovations are up.

In the Twin Cities region, for the week ending July 14:

• New Listings increased 11.4% to 2,209
• Pending Sales decreased 2.7% to 1,417
• Inventory decreased 14.4% to 11,384

For the month of June:

• Median Sales Price increased 5.2% to $270,750
• Days on Market decreased 16.7% to 40
• Percent of Original List Price Received increased 0.8% to 100.3%
• Months Supply of Inventory decreased 11.1% to 2.4

All comparisons are to 2017

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