This week the National Association of REALTORS® reported that nationally, August existing-home sales rose 2.6% from a year ago. Additionally, the Federal Reserve announced a rate cut for the second time in seven weeks, though this was widely expected and largely factored into mortgage rates already. A strong economy along with mortgage rates near their lows for the year continue to support healthy housing demand.
In the Twin Cities region, for the week ending September 21:
- New Listings increased 7.6% to 1,676
- Pending Sales decreased 2.4% to 1,158
- Inventory decreased 4.4% to 12,628
For the month of August:
- Median Sales Price increased 6.9% to $286,500
- 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.