Lack of affordable inventory has been a key story in real estate in the last few years. There is a growing consensus suggesting the U.S. economy could be entering a recession, and some wonder whether this could lead to an adjustment in housing prices. However, this scenario is unlikely to make housing more affordable, as economic uncertainty is likely to discourage first-time home buyers and could make construction companies leary of building new homes.
In the Twin Cities region, for the week ending August 24:
- New Listings decreased 1.5% to 1,664
- Pending Sales increased 1.9% to 1,253
- Inventory decreased 3.9% to 12,501
For the month of July:
- Median Sales Price increased 5.8% to $283,420
- Days on Market remained flat at 38
- Percent of Original List Price Received decreased 0.1% to 99.7%
- 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.