High home prices are the most common reason prospective buyers have yet to purchase a home, with 39% of active buyers mentioning high sales prices as the primary deterrent to not finding a home in Q2 2021, according to a recent Housing Trends report from the National Association of Home Builders. This is a change from the previous two quarters, where interested buyers reported being outbid by other offers as the most common reason for not purchasing a home.
In the Twin Cities region, for the week ending August 14:
- New Listings decreased 11.7% to 1,697
- Pending Sales decreased 8.0% to 1,503
- Inventory decreased 19.3% to 7,901
For the month of July:
- Median Sales Price increased 11.9% to $350,000
- Days on Market decreased 53.7% to 19
- Percent of Original List Price Received increased 3.5% to 103.6%
- Months Supply of Homes For Sale decreased 30.0% to 1.4
All comparisons are to 2020
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.