Pending sales were down for a second straight month, falling 1.8% in July, according to the National Association of REALTORS®, as stiff competition for homes and high sales prices have discouraged some would-be buyers. Home prices have been soaring during the pandemic, with the S&P Corelogic Case-Shiller national home price index reporting that prices rose 18.6% nationally in June, the largest annual increase in the history of the index since 1987.
In the Twin Cities region, for the week ending August 28:
- New Listings decreased 10.6% to 1,621
- Pending Sales decreased 8.6% to 1,463
- Inventory decreased 17.8% to 8,014
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.