America’s housing shortage may be starting to ease up, with new listings up 6.5% year-over-year in July, making it the fourth consecutive month of annual increases, according to realtor.com’s Monthly Housing Report. More than half of the nation’s 50 largest metropolitan areas reported double-digit increases in new listings, which may suggest the market is beginning to normalize after the record-breaking activity seen during the pandemic.
In the Twin Cities region, for the week ending August 7:
- New Listings increased 1.7% to 1,939
- Pending Sales decreased 18.6% to 1,414
- Inventory decreased 23.1% to 7,605
For the month of July:
- Median Sales Price increased 11.9% to $350,000
- Days on Market decreased 53.7% to 19
- Percent of Original List Price Received increased 3.5% to 103.6%
- Months Supply of Homes For Sale decreased 30.0% to 1.4
All comparisons are to 2020
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.