Where residential real estate statistics are concerned, observers should be watching for overarching, macro-level trends rather than any one volatile, outlying week or month’s worth of data. Thinking in a big-picture manner is beneficial in numerous ways. Consider this: Despite media coverage of dreaded shadow foreclosure inventory or a new rush to rent by former owners, our nation’s homeownership rate has fallen no more than 3.0 percent from its peak in 2004. The figure crested around 69.0 percent and now lies just above 66.0 percent. Here are some local numbers to learn and share.
In the Twin Cities region, for the week ending August 18:
• New Listings decreased 3.5% to 1,286 • Pending Sales increased 25.2% to 1,118 • Inventory decreased 29.8% to 16,878
For the month of July:
• Median Sales Price increased 13.6% to $178,900 • Days on Market decreased 27.8% to 105 • Percent of Original List Price Received increased 3.6% to 95.0% • Months Supply of Inventory decreased 42.5% to 4.4