National home prices reached a record high, increasing 0.1 percent from the prerecession peak in 2006. This height – driven by low inventory, solid demand and responsible lending practices – is much different from the previous high mark. Inflation is also a factor. Interest rates, unemployment, prices, and wage trends will continue to be factors to monitor for trend analysis as we reach toward 2017.
In the Twin Cities region, for the week ending November 26:
• New Listings decreased 6.7% to 502
• Pending Sales decreased 5.7% to 595
• Inventory decreased 19.9% to 11,571
For the month of October:
• Median Sales Price increased 6.5% to $230,000
• Days on Market decreased 14.3% to 60
• Percent of Original List Price Received increased 0.8% to 96.9%
• Months’ Supply of Homes for Sale decreased 21.2% to 2.6
