For Week Ending August 4, 2018

Competitive buyers vying for a somewhat limited number of homes for sale have helped prices continue to climb, frequently over the asking price. The latest recorded national unemployment rate of 3.9 percent is historically low and has served as a general indicator of a strong economy. To give a better idea of how good the unemployment situation is right now, we were looking at a historically low rate of 4.3 percent last year at this time.

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

• New Listings increased 1.8% to 1,844
• Pending Sales decreased 10.7% to 1,269
• Inventory decreased 11.4% to 11,989

For the month of June:

• Median Sales Price increased 5.3% to $271,000
• 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.

For Week Ending July 28, 2018

The U.S. Labor Department reported that the economy added 157,000 jobs in July, marking 93 months in a row of job additions. Beginning in October 2010, that is the longest streak of monthly employment growth on record. The unemployment rate dropped to a historically low 3.9 percent, and wage growth remained at an annual rate of 2.7 percent. Meanwhile, escalating tariff conflicts with U.S. trade partners have not yet impacted the day-to-day housing market, but builders have indicated that lumber tariffs are increasing prices for new homes.

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

• New Listings increased 6.1% to 1,814
• Pending Sales increased 2.0% to 1,401
• Inventory decreased 12.5% to 11,959

For the month of June:

• Median Sales Price increased 5.3% to $271,000
• 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.

For Week Ending July 21, 2018

Although talk of another real estate pricing bubble poised to burst is premature, pundits are nevertheless beginning to point toward the common markers that caused the last housing market downturn. As prices continue to rise while wages don’t rise as quickly, a new situation could be an eventuality. Yet today’s market is quite different than the last recession. The economy is growing, lending practices are more in line with economic fundamentals and inventory appears to be improving in many markets, which would help alleviate price pressure.

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

• New Listings increased 2.2% to 1,927
• Pending Sales decreased 3.1% to 1,336
• Inventory decreased 13.6% to 11,728

For the month of June:

• Median Sales Price increased 5.3% to $271,000
• 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.

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.

For Week Ending July 7, 2018

As prices persistently rise and months of supply decrease in year-over-year comparisons, it continues to be an ideal time for more sellers to enter the market. Across the U.S., inventory levels are still lagging behind last year, but new listings have perked up nicely so far this year. This has been coupled with many announced new home-building projects across the nation and a more positive tone from the building community.

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

• New Listings decreased 14.6% to 1,192
• Pending Sales decreased 10.6% to 1,018
• Inventory decreased 14.6% to 11,344

For the month of June:

• Median Sales Price increased 5.3% to $271,000
• 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 14.8% to 2.3

All comparisons are to 2017

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

For Week Ending June 30, 2018

The unemployment rate rose to 4.0 percent in June 2018, marking the first increase in nearly a year. Economic forecasters are calling this a healthy increase indicative of more people being counted as entering the work force in an exceptional job market that added more than 213,000 paying jobs in June. Strong demand for workers combined with low supply creates upward pressure on wages. Employed people with higher wages are generally good for residential real estate.

In the Twin Cities region, for the week ending June 30:

• New Listings increased 15.1% to 1,864
• Pending Sales increased 1.1% to 1,519
• Inventory decreased 16.5% to 11,374

For the month of May:

• Median Sales Price increased 8.3% to $270,750
• Days on Market decreased 9.6% to 47
• Percent of Original List Price Received increased 0.7% to 100.2%
• Months Supply of Inventory decreased 12.0% to 2.2

All comparisons are to 2017

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

For Week Ending June 23, 2018

The first half of the year in residential real estate fared as expected, with the most obvious markers continuing to be low inventory and higher prices. We are also seeing decreased affordability in many markets coupled with more urgency (lower days on market) and increased purchase offers (higher pending sales) ahead of perceived future rate increases that have not yet materialized in the wake of the 0.25 percent increase in the federal funds rate. All of this makes for a busy summer. Let’s examine the local market.

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

• New Listings increased 1.3% to 1,987
• Pending Sales decreased 3.7% to 1,437
• Inventory decreased 16.8% to 11,171

For the month of May:

• Median Sales Price increased 8.4% to $271,000
• Days on Market decreased 9.6% to 47
• Percent of Original List Price Received increased 0.7% to 100.2%
• Months Supply of Inventory decreased 12.0% to 2.2

All comparisons are to 2017

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

For Week Ending June 16, 2018

Sales across the nation have risen not only because this time of year typically offers an increase in residential real estate activity, but because this year in particular has proven to have strong economic and market conditions. While it’s still true that prices are rising and inventory is tightening, these long-standing trends have been happening gradually enough to not deter those who are serious about becoming homeowners.

In the Twin Cities region, for the week ending June 16:

• New Listings increased 10.1% to 2,057
• Pending Sales decreased 4.3% to 1,420
• Inventory decreased 18.0% to 10,898

For the month of May:

• Median Sales Price increased 8.4% to $271,000
• Days on Market decreased 9.6% to 47
• Percent of Original List Price Received increased 0.7% to 100.2%
• Months Supply of Inventory decreased 12.0% to 2.2

All comparisons are to 2017

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

For Week Ending June 9, 2018

The Federal Reserve recently increased the federal funds rate by 0.25 percent, marking the second rate hike this year and seventh since late 2015. Two more 0.25 percent increases are expected by the end of the year. The 30-year mortgage rate did not increase, yet Fed action can have an indirect effect on the housing market. Buyers often react by trying to lock in at the current rate ahead of assumed future higher rates. Educating consumers that the Fed rate and mortgage rates are not the same can help curb panic buying.

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

• New Listings decreased 2.7% to 2,094
• Pending Sales decreased 4.1% to 1,450
• Inventory decreased 18.5% to 10,623

For the month of May:

• Median Sales Price increased 8.4% to $271,000
• Days on Market decreased 9.6% to 47
• Percent of Original List Price Received increased 0.7% to 100.2%
• Months Supply of Inventory decreased 12.0% to 2.2

All comparisons are to 2017

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

For Week Ending June 2, 2018

At this time last year, there were two universal truths in residential real estate across the country. Whether or not sales were up in year-over-year comparisons, the market was assuredly active, and, thus, overall inventory was trending downward compared to the year before. That remained the case for the entirety of 2017, and that refrain sounds entirely familiar for the duration of 2018.

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

• New Listings decreased 3.0% to 1,946
• Pending Sales decreased 1.5% to 1,407
• Inventory decreased 17.6% to 10,530

For the month of April:

• Median Sales Price increased 8.9% to $266,750
• Days on Market decreased 10.2% to 53
• Percent of Original List Price Received increased 0.8% to 99.9%
• Months Supply of Inventory decreased 20.8% to 1.9

All comparisons are to 2017

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