Here's the latest from the Minneapolis Area Association of Realtors. The market is recovering, however, let's hope the Shut Down doesn't go on for too long.Higher interest rates, rising prices and a budget standoff in Washington haven't shaken consumer sentiment regarding housing. Buyers continue to rifle through existing inventory for options, keeping an eye out for new listings. A sense of normalcy is returning to the real estate ethos after more than a decade of extreme ups and downs. It’s a big week for economic and housing news, so keep your eyes and ears tuned for any changing headlines.
In the Twin Cities region, for the week ending September 21:
• New Listings increased 13.3% to 1,469
• Pending Sales decreased 5.5% to 970
• Inventory decreased 6.8% to 16,249
For the month of August:
• Median Sales Price increased 16.9% to $207,900• Days on Market decreased 34.0% to 70
• Percent of Original List Price Received increased 2.0% to 97.0%
• Months Supply of Inventory decreased 18.2% to 3.6
