Twin Cities Market Update – June 30, 2017

As Millennials get older and more established in their careers, more of them are entering the housing market. Nationwide sales rose to the third-highest level since the housing crisis a decade ago, while home prices also hit record highs. Although increasing prices may push some out of the running for a home purchase, mortgage rates remain low enough to lure potential buyers.

In the Twin Cities region, for the week ending June 17:
• New Listings decreased 6.6% to 1,840
• Pending Sales decreased 4.8% to 1,396
• Inventory decreased 16.2% to 12,316

For the month of May:
• Median Sales Price increased 5.5% to $250,000
• Days on Market decreased 15.0% to 51
• Percent of Original List Price Received increased 0.9% to 99.5%
• Months Supply of Homes For Sale decreased 17.2% to 2.4

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