For Week Ending July 9, 2016

Sales have been brisk this summer, as the largest living generation in the U.S., the Millennials, enters the housing market in droves. Student loan debt is still a hindrance for many, but that has often been offset by continued low rates allowing for lower monthly mortgage payments. With rents on the rise, conditions for further sales are good, although, traditionally, the second half of summer is not as active as the first half.

In the Twin Cities region, for the week ending July 9:

• New Listings decreased 23.2% to 1,649
• Pending Sales decreased 20.4% to 1,033
• Inventory decreased 18.5% to 14,104

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.

For Week Ending July 2, 2016

The United Kingdom vote for exit from the European Union (Brexit) has likely already had at least one short-term effect on the U.S. housing market. The decision to not raise interest rates until later this year was likely made because of Brexit, so unrest in financial markets can be watched further with hopes of stabilization. Long-term effects may include more or less foreign investment in U.S. residential real estate, but wholesale price declines are not expected any time soon.

In the Twin Cities region, for the week ending July 2:

• New Listings increased 24.2% to 1,589
• Pending Sales increased 12.9% to 1,351
• Inventory decreased 17.7% to 14,480

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.

For Week Ending June 25, 2016

As we know, declining inventory has been the central focus of real estate news throughout the first half of the year. The lack of options of homes for sale seems to be keeping many from selling and instead, staying and renovating. This, in turn, leads to a lack of starter homes for first-time buyers. Sales are still climbing ever upward, and low mortgage rates continue to aid affordability.

In the Twin Cities region, for the week ending June 25:

• New Listings increased 2.2% to 1,907
• Pending Sales decreased 6.0% to 1,336
• Inventory decreased 19.0% to 14,294

For the month of May:

• Median Sales Price increased 5.8% to $236,900
• Days on Market decreased 21.1% to 60
• Percent of Original List Price Received increased 1.1% to 98.6%
• Months Supply of Inventory decreased 26.3% to 2.8

All comparisons are to 2015

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

For Week Ending June 18, 2016

Like summer temperatures, home prices continue to inch up in most housing categories and geographic submarkets. Meanwhile, hopeful buyers are wishing for more options to fulfill the perfect fit. As we reach deeper into summer, dips in home sales are not unexpected. Even while people search for homes in which to move or start a family, summer is also about family time in other ways.

In the Twin Cities region, for the week ending June 18:

• New Listings decreased 4.2% to 1,967
• Pending Sales increased 1.9% to 1,389
• Inventory decreased 19.0% to 14,085

For the month of May:

• Median Sales Price increased 5.8% to $236,900
• Days on Market decreased 21.1% to 60
• Percent of Original List Price Received increased 1.1% to 98.6%
• Months Supply of Inventory decreased 26.3% to 2.8

All comparisons are to 2015

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

For Week Ending June 11, 2016

The pace of new homes being built is slower than necessary to keep inventory figures up, especially in a time with plenty of demand. However, building permits are active and low mortgage rates continue to provide opportunity for the residential real estate market to continue to be a pillar of the national economic profile.

In the Twin Cities region, for the week ending June 11:

• New Listings decreased 0.3 percent to 2,056
• Pending Sales decreased 7.1% to 1,370
• Inventory decreased 19.2% to 13,869

For the month of May:

• Median Sales Price increased 5.8% to $236,900
• Days on Market decreased 21.1% to 60
• Percent of Original List Price Received increased 1.1% to 98.6%
• Months Supply of Inventory decreased 26.3% to 2.8

All comparisons are to 2015

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

For Week Ending June 4, 2016

Summer is heating up, as are home sales and prices. Millennials are hitting home- buying age with force and are showing interest in entering the real estate market. As inventory continues to struggle to keep up with demand, options are fewer than desired, and price wars are proving to be a challenge for many buyers in a seller’s market.

In the Twin Cities region, for the week ending June 4:

• New Listings decreased 7.9% to 2,011
• Pending Sales decreased 15.3% to 1,203
• Inventory decreased 19.5% to 13,571

For the month of May:

• Median Sales Price increased 5.7% to $236,826
• Days on Market decreased 21.1% to 60
• Percent of Original List Price Received increased 1.1% to 98.6%
• Months Supply of Inventory decreased 28.9% to 2.7

All comparisons are to 2015

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

For Week Ending May 28, 2016

The trends of higher sales and fewer homes for sale that prevailed through the first quarter of 2016 have only gotten stronger through the second quarter. Although more sellers are listing than at this time last year, it’s still not quite enough to keep up with the heat of today’s sales environment. Buyers appear to be making great offers ahead of any hint of higher mortgage rates.

In the Twin Cities region, for the week ending May 28:

• New Listings increased 2.5% to 1,734
• Pending Sales increased 18.6% to 1,597
• Inventory decreased 18.8% to 13,669

For the month of April:

• Median Sales Price increased 7.6% to $231,341
• Days on Market decreased 14.1% to 73
• Percent of Original List Price Received increased 1.0% to 98.0%
• Months Supply of Inventory decreased 25.0% to 2.7

All comparisons are to 2015

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

For Week Ending May 21, 2016

Housing has been a strong sector of the nation’s economy over the past few years, but new construction has not been growing with demand so far in 2016. Low inventory and rising prices continue to be the trends to watch. As long as the local economy stays in growth mode and aging millennials choose to buy over renting, the market should remain on an extended path of stability.

In the Twin Cities region, for the week ending May 21:

• New Listings increased 16.7% to 2,199
• Pending Sales increased 10.4% to 1,613
• Inventory decreased 19.0% to 13,533

For the month of April:

• Median Sales Price increased 7.7% to $231,450
• Days on Market decreased 14.1% to 73
• Percent of Original List Price Received increased 1.0% to 98.0%
• Months Supply of Inventory decreased 25.0% to 2.7

All comparisons are to 2015

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

For Week Ending May 14, 2016

The U.S. housing market continues to churn out positive year-over-year sales numbers, but some markers of hesitation are worth watching. Some sellers hesitate to list their homes because they are not sure that they will find an attractive replacement for their own fast-selling home. Many young consumers, saddled with student loan debt and having transient tendencies, hesitate to commit to a home purchase longer than previous generations. Nevertheless, home starts are on the rise, and the market remains strong during the busiest weeks of the year.

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

• New Listings decreased 3.0% to 2,120
• Pending Sales increased 9.2% to 1,607
• Inventory decreased 18.4% to 13,344

For the month of April:

• Median Sales Price increased 7.8% to $231,750
• Days on Market decreased 14.1% to 73
• Percent of Original List Price Received increased 1.0% to 98.0%
• Months Supply of Inventory decreased 25.0% to 2.7

All comparisons are to 2015

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

For Week Ending May 7, 2016

Although higher than they were a year ago, mortgage applications are barely moving from week to week despite mortgage rates sitting at three-year lows. Supply remains lean across the country, and sales figures are showing some of the strain of that reality. Homes that show well continue to sell quickly and at prices that make sellers smile.

In the Twin Cities region, for the week ending May 7:

• New Listings increased 4.8% to 2,212
• Pending Sales increased 3.3% to 1,555
• Inventory decreased 19.4% to 13,011

For the month of April:

• Median Sales Price increased 7.8% to $231,750
• Days on Market decreased 14.1% to 73
• Percent of Original List Price Received increased 1.0% to 98.0%
• Months Supply of Inventory decreased 25.0% to 2.7

All comparisons are to 2015

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