The Commerce Department reported sales of newly built homes nationwide have surged 18% compared to a year ago and housing starts and building permits reached a 12-year high in August. This surge in both sales and new construction shows strong market confidence by both buyers and builders. However, further increases in new construction starts are still required to meet demand and bring more balance.
In the Twin Cities region, for the week ending September 28:
- New Listings decreased 3.3% to 1,546
- Pending Sales decreased 3.0% to 1,112
- Inventory decreased 3.6% to 12,716
For the month of August:
- Median Sales Price increased 7.0% to $286,875
- Days on Market increased 2.5% to 41
- Percent of Original List Price Received decreased 0.2% to 99.0%
- Months Supply of Homes For Sale remained flat at 2.6
All comparisons are to 2018
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.