For Week Ending September 22, 2018
Seven years ago, FICO conducted a survey of bankers that concluded that home prices would not recover until 2020. While roughly one million people are still considered underwater in terms of home value, many people would consider the housing industry to not only be fully recovered but flying forward toward unprecedented price points. While high prices may soon begin to turn buyers off, it will be interesting to see if there is a measurable slowdown in real estate activity versus a natural shift to balanced prices.
In the Twin Cities region, for the week ending September 22 (All comparisons are to 2017):
- New Listings increased 6.1% to 1,555
- Pending Sales decreased 3.0% to 1,156
- Inventory decreased 5.3% to 12,632
For the month of August:
- Median Sales Price increased 6.3% to $268,000
- Days on Market decreased 16.7% to 40
- Percent of Original List Price Received increased 0.7% to 99.2%
- Months Supply of Homes For Sale decreased 3.8% to 2.5
* All data from NorthstarMLS. Provided by the Minneapolis Area Association of REALTORS®. Report © 2018 ShowingTime.