As July data roll in, more economists wonder whether we are seeing the signs of an economic slowdown. Yet that would not necessarily imply a slowdown in the housing market. While July’s existing home sales fell below analyst expectations, consumer confidence in housing reached new highs as mortgage rates dropped and more homeowners refinanced their homes. It remains to be seen whether growing confidence and lower rates will help boost home sales.
In the Twin Cities region, for the week ending August 10:
- New Listings decreased 2.1% to 1,794
- Pending Sales increased 3.8% to 1,342
- Inventory decreased 3.0% to 12,339
For the month of July:
- Median Sales Price increased 6.0% to $283,950
- Days on Market remained flat at 38
- Percent of Original List Price Received decreased 0.2% to 99.6%
- Months Supply of Homes For Sale remained flat at 2.5
All comparisons are to 2018
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.