Sales are generally coming in slower this year compared to last year, and the market continues to find its way toward balance despite relatively low inventory. This may trick the housing novice into believing that the U.S. market is headed for a disappointing summer season. Not so fast. Although housing may not be as booming as early 2013, it isn’t anywhere near as bust of late 2008. The stabilization of housing is still evolving wonderfully, like VHS to DVD to DVR.
In the Twin Cities region, for the week ending May 31:
- New Listings increased 1.8% to 1,744
- Pending Sales decreased 4.7% to 1,110
- Inventory increased 6.1% to 16,231
For the month of May:
- Median Sales Price increased 8.2% to $210,000
- Days on Market decreased 7.0% to 80
- Percent of Original List Price Received decreased 0.2% to 96.8%
- Months Supply of Inventory increased 8.3% to 3.9
All comparisons are to 2013
Click here for the full Weekly Market Activity Report. From The Skinny.