Home price gains and housing demand are still a year-over-year improvement, but activity is beginning to moderate as the seasons change. With the possibility of further rate and price increases, some buyers are still motivated, but urgency tends to wane when holiday decorations start going up. Recovery continues, but the pace is stabilizing. Yet that’s a good thing, since harmful corrections usually follow when the market moves too far too fast.
In the Twin Cities region, for the week ending October 5:
- New Listings increased 17.9% to 1,536
- Pending Sales increased 2.4% to 1,037
- Inventory decreased 6.2% to 16,074
For the month of September:
- Median Sales Price increased 11.7% to $195,000
- Days on Market decreased 29.7% to 71
- Percent of Original List Price Received increased 1.8% to 96.5%
- Months Supply of Inventory decreased 16.3% to 3.6
All comparisons are to 2012
Click here for the full Weekly Market Activity Report.From The Skinny.