Twin Cities Market Update – November 8, 2019

A new Census report this week announced that new construction home sales nationwide decreased slightly to a seasonally adjusted rate of 701,000 units, which is 15.5% higher than a year ago. Also in the announcement was news that the median sales price of new construction homes declined to $299,440 nationally, down 8% from a year ago. This decline was due to an increase in the availability of new homes at lower price points and is a welcomed change in what has been an underserved segment of the market.

In the Twin Cities region, for the week ending October 26:
• New Listings decreased 0.4% to 1,239
• Pending Sales increased 9.1% to 1,094
• Inventory decreased 4.9% to 12,212

For the month of September:
• Median Sales Price increased 6.8% to $279,700
• Days on Market increased 2.4% to 43
• Percent of Original List Price Received increased 0.1% to 98.5%
• Months Supply of Homes For Sale decreased 3.7% to 2.6

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