Twin Cities Market Update – November 30, 2018

The Bureau of Labor Statistics recently reported that the unemployment rate for October 2018 remained unchanged from the prior month at 3.7 percent. Low unemployment has been one of many positive outcomes during a strong U.S. economy. Real estate has also been a benefactor of recent economic strength, as cranes dot U.S. skylines and median sales prices have increased in most residential real estate markets for several years. Gainful employment is important in order for these conditions to continue.

In the Twin Cities region, for the week ending November 10:
• New Listings increased 9.4% to 1,012
• Pending Sales decreased 6.1% to 949
• Inventory increased 0.8% to 11,649

For the month of October:
• Median Sales Price increased 8.6% to $265,000
• Days on Market decreased 7.7% to 48
• Percent of Original List Price Received increased 0.2% to 97.9%
• Months Supply of Homes For Sale remained flat at 2.4

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