An increase in builder confidence could indicate an increase in construction starts in the near future, which would be great news in a time of continued supply constriction. As rents and sales prices throughout the country continue to rise, adding purchasable housing to the market mix over more rentals would help alleviate the inadequate inventory situation and potentially ease affordability for prospective buyers.
In the Twin Cities region, for the week ending September 24:
• New Listings increased 1.7% to 1,421
• Pending Sales increased 2.2% to 1,044
• Inventory decreased 16.5% to 14,244
For the month of August:
• Median Sales Price increased 5.6% to $237,500
• Days on Market decreased 14.1% to 55
• Percent of Original List Price Received increased 0.8% to 97.9
