Housing starts haven't been quite as robust as forecast, climatological factors have chilled demand in many places and dramatic declines in foreclosure activity has become the norm in several housing markets. These factors can sometimes pull down overall sales numbers, so it's important to dig beneath the headlines. All of this looks and feels like a natural part of the transition toward a healthier marketplace. Prices are still experiencing upward pressure, and sellers are still receiving competitive offers.
In the Twin Cities region, for the week ending February 15:
• New Listings decreased 2.9% to 1,162
• Pending Sales decreased 8.4% to 816
• Inventory decreased 9.7% to 11,965
For the month of January:
• Median Sales Price increased 12.4% to $179,850
• Days on Market decreased 12.3% to 93
• Percent of Original List Price Received remained flat at 93.5
• Months Supply of Inventory decreased 15.6% to 2.7
