For Week Ending October 31, 2020

The U.S. Bureau of Economic Analysis released its estimate for the country’s Q3 2020 GDP, showing the U.S. gross domestic product grew at an annualized rate of 33.1% in the third quarter, reversing much of the decline from COVID-19 seen from the second quarter. However, economists caution it may take a year or more for the gross domestic product to reach its previous highs.

In the Twin Cities region, for the week ending October 31:

• New Listings decreased 6.4% to 1,161
• Pending Sales increased 14.7% to 1,246
• Inventory decreased 32.5% to 8,450

For the month of September:

• Median Sales Price increased 10.8% to $310,000
• Days on Market decreased 15.9% to 37
• Percent of Original List Price Received increased 2.0% to 100.5%
• Months Supply of Homes For Sale decreased 33.3% to 1.8

All comparisons are to 2019

Click here for the full Weekly Market Activity Report. From MAAR Market Data News.