At the outset of 2017, we are watching for upward movement in some of the same areas that we were watching in 2016. Inventory remains a key metric, as continued decreases may push out potential buyers, especially if mortgage rates continue to increase. However, buying a home is still considered more affordable than renting in two-thirds of the country according to the 2017 Rental Affordability Report by ATTOM Data Solutions.
In the Twin Cities region, for the week ending December 31:
• New Listings decreased 7.5% to 384
• Pending Sales decreased 14.9% to 474
• Inventory decreased 24.9% to 9,049
For the month of December:
• Median Sales Price increased 4.1% to $228,500
• Days on Market decreased 10.1% to 71
• Percent of Original List Price Received increased 0.6% to 96.0%
• Months Supply of Homes For Sale decreased 30.4% to 1.6
