As September deepens, a certain level of seasonal housing market cooling is bound to occur, but year-over-year trends do not seem poised to offend.
Overheated and undercooked markets might make pretty for media outlets, yet a balanced market is the best friend of the buyer, the seller and, frankly, the real estate practitioner. Seasonal dips are nothing to fret over. It is now and will continue to be best to measure residential real estate activity not by months but by years.
In the Twin Cities region, for the week ending September 13:
• New Listings increased 1.6% to 1,650
• Pending Sales decreased 1.0% to 993
• Inventory increased 9.5% to 18,513
For the month of August:
• Median Sales Price increased 5.3% to $219,000
• Days on Market decreased 2.9% to 68
• Percent of Original List Price Received decreased 0.7% to 96.3%
• Months Supply of Inventory increased 15.8% to 4.4